The cost of running a car has gone up once again in a move that is set to devastate and infuriate motorists across the United Kingdom.
But fear not, as Money Saving Expert founder Martin Lewis is here with some fresh advice on what you should be doing to make sure you're paying as little as possible.
We're talking, of course, about car insurance. A necessary evil that leaving us muttering under our breath every time a monthly direct debit is taken by whoever we're covered by.
In his latest weekly email sent out to followers today (29 February), Lewis provides a step-by-step breakdown of what you should do to keep costs down.
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Explaining the bleak situation facing motorists, he says: "In October, I wrote in this email that, hideously, average car insurance prices had risen to a massive, unthinkable £924/year. Now, as we approach March, one of the busiest months for renewals, October is looking like the good old days.
"Exact figures vary, but two comparison sites say that by the end of 2023 quoted premiums were up over 50%, and two say that average prices are now at or over £1,000/year. The insurers' trade body, the ABI, which looks at average premiums paid, says rises on those are 34%.
"So let me settle this: based on the wrath of scores of people via my email-bag, I can confirm... they're up a shed load, and that's on top of the previous year's hikes."
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Companies providing insurance quotes blame inflation, alongside the general costs associated with car repairs including the cost of raw materials to make cars.
With this in mind, Lewis has issues a four-step guide to making sure your car insurance premium doesn't leave you paying over the odds.
First up for Lewis is directing drivers to the MSE Compare+ tool which can be found here.
He explains: "It gives you your results from one comparison, shows the cheapest time to buy, and whether to add extra drivers, check other comparisons and more.
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"We think it's the best thing to happen to car insurance since traffic lights were invented."
Next job is timing. Everything is about timing.
Like booking a train ticket or getting gig tickets before touts get their hands on them, there is a sweet spot when it comes to the time you purchase something.
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Lewis says that after analysing 70 million quotes, his team found that the best time to get your quote is 23 days before your policy renews.
It's not an exact science, with any time between 20 and 26 days bringing about a very similar outcome.
"Leave it later and quotes can almost double. This is because insurance is priced on risk, and providers' 'actuarial charts' apparently show those who renew last minute are often a higher risk," Lewis says.
The third step to take comes for those who have more than one car at the property they live in.
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Multi-car cover is where you sign up all the cars at one address to the same policy. It's something provided by some insurance providers, with a discount included.
Admiral, Aviva, and Diamond are three of the providers offering the multi-car policy.
The fourth step is another combo, this time bringing your car and home cover together.
"It's trial and error, so get prices separately first. Then, especially if one of these is coming up cheapest, check all-in-one policies at Admiral and LV (works even if they have different start dates) and discounts on separate policies at Direct Line, Aviva and Churchill," Lewis says.
Ultimately whatever you do, don't just auto-renew. Even if all you do is ask your current provider to give you a discount, it's better than accepting it as it stands.
Featured Image Credit: Jonathan Hordle / ITV / Getty Stock ImagesTopics: Cost of Living, Driving, Martin Lewis, Money, Travel, UK News