| | MARTIN'S QUICK BRIEFING: For more tips, alerts & awful puns, follow Martin on Twitter Warning: Car insurance down BUT about to rocket
Check NOW if you can lock in at the 'bottom of the market'. Hot incentive deals, such as a £60 Amazon voucher, are being touted Car insurance prices have dropped by a huge 16.6% in the last year (source: AA index). Yet Ernst & Young forecasters have warned rises are inevitable as the industry's set to make a loss. The AA predicts 10-15% hikes within 12mths.
If they're right, EVERYONE should check if they can grab a cheap policy now at 'the bottom of the market' to futureproof the next 12 mths. Full info in Cheap Car Insurance & Young Drivers' Insurance - here are 10 need-to-knows. | 1. | You don't need to be at renewal to switch. Many motorists wrongly believe they can only save large at annual renewal time. Yet everyone should check NOW to see if they can make substantial savings by switching.
If you haven't claimed since your last renewal, you can usually quit your existing policy and get a refund for the rest of the year. Most insurers will charge you a cancellation fee though, so factor this and the fact you won't earn a year's no-claims discount into your sums.
Yet if it pays large, it can be a winner, as forumite Tenuissent found a few months ago: "I cancelled my £685 Saga cover & got similar £327 AA cover." | | | | 2. | First, speedily scour the market by combining comparison sites. There's no one cheapest insurer, as prices are set for each individual. So the aim is to check as many quotes as possible, as quickly and easily as you can.
To do that, combine comparison sites, as they don't all cover the same insurers. We aim to analyse which combination gives the widest range. Our current order is a) MoneySup*, b) Gocompare*, c) Confused*, d) CompareTM* - do as many as you've time for.
Extra tip: Open the sites in a few browser tabs and fill them in at the same time by copying & pasting info. To copy, just highlight the text and press CTRL 'C'; to paste press CTRL 'V' (on a Mac replace CTRL with CMD). | | | | 3. |  Then check hot deals comparisons miss, eg, 'FREE' £60 Amazon voucher. Big insurers Direct Line*, Aviva* (code below) & Zurich only offer policies direct. Always check them too.
Plus, some insurers that are on comparison sites have promo deals that aren't. So we list them in our Hot Car Insurance Deals section. Current highlights incl...
- Ends Mon: Aviva £60 Amazon vch: We've blagged this special Aviva* link which gets you a £60 Amazon gift certificate when you get any Aviva car insurance policy using the code AVIVAMSE60. Ends Mon 30 Jun.
- Hastings Direct £25 Amazon vch: Buy a Hastings Direct* policy via this link to get the £25 gift certificate.
Extra tip: With both these deals, the voucher is emailed automatically within 60 days - if you don't get it, do check your email spam folder. | | | | 4. | More than one car in the home? Check multi-car policies. A few insurers offer special discounts if you have more than one car. Comparison sites' technology doesn't allow you to check this, so you need to do it manually.
Admiral MultiCar* is the only actual multi-car policy, giving discounts of up to 25% depending on how many cars you insure. If time, also check Churchill*, Direct Line* & Privilege*, which give discounts on linked policies.
Forumite BoredwithbeingIgnored says: "Admiral offered us a multi-car policy and our insurance dropped to £500." And many others gain too.
Extra tip: While multi-car can be a big winner, it can also be a big loser. If you've got a multi-car policy already, do check out the price of getting separate policies too - for some the savings are large. It's trial and error. | | | | 5. | Counter-logical saving I: Don't assume 3rd party's cheapest. Third party only pays out for issues caused to other car users and property, comprehensive covers you and your car too. Bizarrely, just the fact you select comprehensive means some insurers see you as a lower risk - and the savings from that can outweigh the extra cost for fuller cover, making comprehensive cheaper.
So if your aim is to find the cheapest policy, always check both types. As forumite Cydon says: "My 3rd party renewal hit £90 a month. I was shocked with what I found - £30 a month fully comp." Read more: Should I Get Third Party Or Comprehensive Cover? | | | | 6. | Counter-logical saving II: Add a responsible 2nd driver. It makes sense to think adding more motorists to a policy would make it cost more. Yet especially for younger drivers, it can actually lower your costs.
This is because the risks may be averaged. So adding a responsible older driver, who could legitimately use the car, can drive costs down.
As MazzyB tweeted me: "Took your advice and added my mum to my car insurance and saved £500 #mumstheword." However, different insurers and different drivers mean different results, so it's a question of trial and error. See more tips for the under-25s in Young Drivers' Insurance.
Extra tip: Never add a second motorist as the main driver. This is known as 'fronting', which is fraud and can invalidate your insurance. | | | | 7. | Counter-logical saving III: Tweak your job description to cut costs. I'm obviously not saying you can claim to be the PM if you're a lap dancer (or vice-versa, heaven forbid). Yet in our complex world, many have specific jobs that could fit in a few different insurers' categories. Just ask yourself: "Would a reasonable person say it's reasonable to call myself this?"
I once did a TV makeover for someone who from memory saved £50 just by calling himself "bar staff", not "bar steward". Fabsternation says on Twitter: "I did this too. Changed from creative director to marketing manager - saved £300+." To help, our fun Car Insurance Job Picker tool can give some indication of what job titles are likely to be cheapest.
Extra tip: Those calling themselves 'unemployed' can pay five times as much as a 'homemaker' (ie, housewives and househusbands). So if you're genuinely not seeking work, choose the right term. | | | | 8. | Paying 'by the month' doesn't exist. While insurers call it paying monthly, in truth they simply give you a loan for the year's insurance, and the rates are often hideous. One provider charges 39.7% APR (see insurers' APRs), so a £1,000 policy actually costs £1,228 once you factor in the interest.
Therefore, if possible, pay upfront. If not, both Tesco* and Santander* offer 18mths 0% on purchases credit cards, which, provided you set up repayments to clear them within that time (or far better, within the year), are far cheaper. (Beware - after the 0% period they jump to 18.9% rep APR.)
Extra tip: If you're not sure you'll be accepted for one of these cards, use our 0% Purchases Eligibility Checker, which shows the cards you've got the best odds of getting. Full help in 0% Cards (APR Examples). | | | | 9. | Still too costly? Consider installing a 'black box'. Black box devices (officially called telematics) are the tech insurers can put inside your car to monitor your actions behind the wheel, and when and how much you drive.
These are especially useful for younger drivers facing hefty premiums, though if your mileage is limited they can work well too.
For example, Coverbox* gives you prices based on set mile limits. With Co-op* and Direct Line Drive Plus* you can earn 20% and 25% reductions respectively based on how you drive. More info in Cheap Telematics Policies.
Forumite vic.star used a black box to save £100s: "With my telematics insurer I paid £980 in my first year, vs comparison sites' cheapest of £1,400." | | | | 10. | Understand how 'no claims' really works. Car insurers tout hefty no-claims bonuses as a way of rewarding less risky policyholders who haven't claimed on their policy with a discount at renewal. Yet they're widely misunderstood.
A no-claims bonus is just a discount, not a price guarantee. So if you have an accident or claim, your price can still rise, even if you pay to protect your no-claims bonus (ie, so it remains the same after a claim).
For example, Norris's insurance is £1,000 and his no-claims discount is 20%. So he pays £800. Yet he has a collision with Rita and claims. His no-claims is protected at 20%. But the insurer now sees him as a higher risk, so charges £1,500 a year, which after the discount means he now pays £1,200.
So treat the discount with a pinch of salt. What counts just as much is the original price the insurer is charging you. | |
PS. To see where car insurance may be going in future, see my new I predict the first car insurance marketplaces to start in Sept blog. |
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| Wed 25 Jun 2014 |
New. Free printed MSE 2014 remortgaging booklet
Our 60-page 2014 guide includes affordability changes, how to boost your chances, finding the best deal & more The Bank of England is signalling interest rates may rise sooner than predicted, so EVERYONE should assess if their current mortgage is right for them. Many can save & futureproof by acting now. If you want to check your existing mortgage deal's right for you, we've expanded & fully updated our free, impartial, detailed MSE Remortgaging Booklet.
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Vax up to 75% off sale code. MSE Blagged. A past similar sale was hugely popular. We've got the code first, so you get max stock - but be quick, others get it on Thurs. Deals incl Air3 vacuum £100 (was £300). Delivery's £4.99. Vax Deals New 'up to' sales: M&S 50%, Asos 50%, Homebase 15%, Ikea 50% + 10% extra...
M&S up to 50% incl £18 dresses (& one of only 2x a year furniture saves) | Asos up to 50% incl £10 men's jeans
Homebase 15% off (code) Sat 28/Sun 29 Jun ONLY | Ikea up to 50% plus a way to get an extra 10% off sale. See ALL Sales Free Purina dog treats. Register online to be sent a totally free sample pack. 20,000+ available. Purina Deals 33mths 0% balance transfer deal. A reminder for those with credit card debt: Last week, Barclaycard* launched the longest-ever 0% debt shift card, 33mths for a 2.99% fee. Already got a Barclaycard? Halifax* is 32mths 0% (3% fee), MBNA* & Sains* 31mths (2.88% & 2.89% fee). Clear debt or shift before 0% ends or rep APR jumps to 18.9% (MBNA 20.9%). Use the Balance Transfer Odds Checker to see which you're most likely to get. Best Balance Transfers (APR Examples) |
Urgent. Travel money rate war incl Post Office FLASH sale
If you're heading away, the bureaux are battling hard for your custom - though special credit cards beat 'em If you're lucky enough to be heading overseas to soak up the sun, get the best deal on cash before you go. Or, if you're not leaving for a few weeks, ensure you get the max buck for your bang via a top card with permanently low rates... back to top ↑ |
| Butlins £25 off code. MSE Blagged. The code works on 3+ night stays in 2014. Excludes rooms for two people. Ends Thu 31 Jul. Better still, it works on its current sales. Butlins Deals Half price AA/RAC renewal. Green Flag* is promising AA/RAC customers with cars under 10yrs old 50% off their renewal quotes. So, if its standard policies aren't 50% cheaper, it'll cut them. Want to stick? At least haggle, eg, those who try report 90% AA success rates. See Cheap Breakdown Cover. £10 champers (was £24) | £10 1L Pimm's (was £20). Wimbledon anyone? See Hot Bargains. Be Drinkaware. |
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Are you one of 3.5 MILLION due a tax rebate? Free tool to check
In its annual 'oops' announcement, HMRC revealed 3.5m have overpaid - but 2m need to pay more Another year, another raft of tax errors. On Friday HMRC announced one in six taxpayers' tax was wrong in 2013/14. This is after 'real time reporting' was introduced, which was meant to improve the system but doesn't seem to have done the job. Full 'what to do' in Tax Code Help, but here's what you need to know in brief.  Unique tax code calculator. These errors are all about tax codes - an instruction to employers & pension providers on what tax to take from your pay. Your tax code will look something like 1000L. It's important you check this year's and past years' are correct - our Tax Code Calculator guides you through whether it's right.- 'I got £1,300 back.' The calc also helps you reclaim overpayments. Successes include Nina's: "I checked mine and found the taxman owed me £1,300. I'll be £160/month better off too, thanks." Last week GraphicHeart27 tweeted: "Just received a £246 tax rebate thanks to your website. The cash will be very handy as I'm a full-time student - thank you."
- What if you owe them cash? HMRC estimates the average error is around £350. Those underpaying by £50 (and poss more at HMRC's discretion) may have it written off. If you owe less than £3,000, you can repay via your pay packet. If it's more, or if you can't afford to pay, ask HMRC for a payment plan. More help in What If I Underpaid?
- HMRC never emails you about tax rebates. If you get an email, it's a SCAM. See the Stop Scams guide for help.
- Please check your tax code. Tax codes are complex. But frustratingly, the law says errors are your responsibility, not your employer's or HMRC's. So to avoid nightmares of having to pay your tax back, do check your tax code.
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| Body Shop 40% off EVERYTHING code. Online and in-store, incl items in up to 50% sale. Ends Tue. Body Shop Alert: ISA limit upped to £15,000 next week - 1.5% best buy. The cash ISA limit jumps to £15,000 from Tue 1 Jul. Full analysis in next week's email, but in short: if you've already paid in, you can top it up. If you've yet to open a cash ISA, the easy access best buy's Nationwide's* 1.5% AER ISA (min £1,000). Full help in Top Cash ISAs and ISA Changes Help. Ends today: Camping gear code stacking deal. Until today (Wed), Tesco Direct has a 30% off camping gear sale, plus a £5 off £40+ code, including a well-reviewed £40 four-person dome tent for £21. Full info: Tesco's getting camp Now TV (Sky) entertainment £4 for 2mths code (usually £10). MSE Blagged Incl Sky 1, Atlantic, etc. Now TV Show Best Buys |
Top easy-to-get cashback & cheap overseas spending card
Ends Mon. Normally you need a top credit score for credit cards that PAY YOU to spend on them. Not now... Cashback credit cards pay you every time you spend on them. So set up a direct debit to repay IN FULL each month so there's no interest, and you're quids in. Some earn £100s a year. Normally you need a great credit score to get the Top Cashback Cards, yet currently there are deals out there that are far easier to get:  New. Top easy-to-get cashback & cheap overseas card + £20 Amzn. The Aqua Reward* won't automatically reject even some with past CCJs/defaults. It gives accepted new cardholders 0.5% cashback on all spending, plus apply by Mon & after 2mths get a £20 Amazon voucher (unless you go over your limit/miss a repayment).
It also joins the list of 'load-free' credit cards that give near-perfect exchange rates on spending abroad - unlike most debit or credit cards that charge 3% - as well as the cashback. That makes it the cheapest way to spend on holiday (though credit limits are low).
An alternative 'easy to get' card is Capital One Classic Extra*. It offers 0.5% cashback, load-free spending overseas plus a £10/yr bonus if you pay on time every month. Used over time, both these cards can help (re)build your creditworthiness. However, ensure you repay IN FULL or both charge 34.9% representative APR. - Find the best cashback card YOU'LL get. There are cashback cards paying up to 5% back for those with top credit scores. Use our Cashback Cards Eligibility Checker to see what your acceptance odds are for each card, allowing you to minimise applications. Full info & other top picks: Cashback Credit Cards
- Cashback card golden rules. a) Always fully repay by direct debit to avoid interest wiping out cashback gains. b) Never withdraw cash, or you'll pay interest, even if fully repaid. c) Use for ALL spending to max gain. d) It's not an excuse to overspend. e) If buying something over £100, using a credit (not debit) card, gives you extra Section 75 legal protection. For full info, including poor credit scorers' options, see Top Cashback Cards & APR Examples.
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| 25% off shoes (incl Clarks, Nike, Adidas) via Brantano code. ALL items, incl up to 50% off sale. Brantano Free tickets: The Pet Show, Northern Home Show & V Delicious veggie show...
3,000 FREE £8 Northern Home Show tix (Manchester) 4-6 Jul | FREE £7.50 V Delicious show tix (London) 4-6 Jul
10,000 'free' £17 The Pet Show tix (Warwickshire) 2-3 Aug, £1.75 booking fee, incl The Lamb National | See ALL Days Out Flight delayed more than two years ago? Judges have ruled that passengers in England and Wales have up to six years to claim compensation in court. For full help and free template letters, see Flight Delay Compensation. Free Crown Carveries dinner/brekkie for current/former service personnel. Saturday only (28 Jun) as part of Armed Forces Day. Full info: Crown Carveries Also see: Armed Forces forum board
Show Best Buys |
| Show Vouchers and Top Deals |
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 CAMPAIGN OF THE WEEK
Do you need help picking the perfect pension?
Choosing a pension is already complex, so many need financial advice. The Money Advice Service is planning to build a directory of retirement advisers (20 page PDF) to help people find the right advice, at the right time and at the right price. Would you find a list useful, and what would you like to see in it? Email consultation@moneyadviceservice.org.uk with your thoughts before Fri 11 Jul. And let us know your pension pitfalls in the MSE Forum. MONEY MORAL DILEMMA
Should I dig up my garden plants when I move home?
This week's MoneySaver who wants advice asks... I've built up a collection of plants over the years I've lived in my current home, some costing £10 each. I'm considering moving to a house with no plants at all in the back garden. Is it stingy to dig all my plants up and take them with me? Enter the Money Moral Maze: Should I dig up garden plants? | Suggest an MMD | View Past MMDs THE GREAT HUNT... REVISITED
How do you keep the kids amused on long journeys?
Summer's here, and for many families that means long car or train journeys for holidays, days out and trips to relatives. But what free or low-cost tricks do you have to keep your children amused on a long trip? From playing I-Spy to giving books to read, we want to tap into MoneySavers' collective knowledge. Share yours/read others': Keeping the kids amused on long journeys Past topics: View all CHEAP FLIGHT SALES ALERT
Airline: Thomson Price: £30 off return flights Ends: Ongoing
Our pick this week is Thomson's ongoing sale, which includes taxes & charges. It's for flights till Sun 31 Aug to 64 international destinations from 19 UK airports. There's no code to enter, the discount appears automatically. Extra charges warning: Avoid payment and check-in charges - see the Budget Airline Fee Fighting guide. Related: Cheap Flights, Cheap Hotels, Spending Abroad, Cheap Currency, Travel Insurance THE GREAT HUNT... REVEALED
What are your house-selling tips?
If you're selling your home, MoneySavers suggest you make sure it's clean, remove net curtains to let the light in, put some flowers out, choose from three estate agents, apply a lick of paint, and remember that if you want it to sell for a good price, you'll have to work for it. back to top ↑ |
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Martin's blogs | Martin's appearances 26 June
Good Morning Britain, ITV, 7.30am-7.45am.
Deals of the week. | 27 June
Money Talks with Martin Lewis, ITV, 11am-12pm.
Kim Woodburn faces Martin in the vault.
See last week's show with Greg Rutherford. | 30 June
This Morning, ITV, 11am-12pm.
Subject tbc.
See this week's show on Saving money when spending abroad. | There's no Radio 5 Live Consumer Panel this week due to Wimbledon. | |
MSE team corner - Team appearances:
- No team appearances this week.
| Discussion of the week How do you cope when you can't move? What do you do when debt struggles mean you can't move away from an unhappy home? The How do you cope when you can't move? thread shares one forumite's story. Can you offer any tips? Join the forum to join the discussion. | Cheap travel money |
This week's poll: How much of your income do you spend on your rent/mortgage? Please select the closest answer to how much you spend as a proportion of your HOUSEHOLD TAKE-HOME SALARY/INCOME (after tax, but include any benefits received as income). | Poll results Do you check your credit files?
Most voters have never checked their credit files, even though errors on them can cause havoc. See How To Boost Your Credit Score for how to do it. - 52% have never checked their files.
- 22% have checked once or twice in the past few years.
- 14% check at least one agency once a year.
- 12% have a credit monitoring product.
7,776 voted. See the full results. |
| Q: My monthly pension is about £975 a month. It's paid into my current account, which pays no interest. I don't need overdraft facilities. Many banks are offering incentives to switch, but does anybody want those paying in less than £1,000 a month? Maureen, by email. MSE Amy's A: Don’t worry, there are decent current accounts for people who pay in less than £1,000 a month. But you’re right, this is a common minimum pay-in. One option for you is Halifax's Reward account*, which offers £100 if you switch. You'll need to set up two or more direct debits, but you only need to pay in at least £750 a month and you'll earn £5 flat interest a month. Alternatively, the M&S* current account has no minimum pay-in amount and offers a £100 M&S gift card if you switch to it. You also earn M&S points if you spend on the debit card, so if you shop there regularly it might be a good option. And this is just the start, have a look in our Best Bank Accounts guide for many others you may be eligible for. Please suggest a question of the week (we can't reply to individual emails). |
 Charlotte's free game of the week: BrainDrop |
The internet in real time That's it for this week, but before you go, have you any idea how many tweets, Google searches, blog posts, Amazon purchases or Whatsapp messages have been sent since you started reading this? Find out these and lots more web stats here. We hope you save some money, Martin & the MSE team |
| Important. Please read how MoneySavingExpert.com works We think it's important you understand the strengths and limitations of this email and the site. We're a journalistic website, and aim to provide the best MoneySaving guides, tips, tools and techniques - but can't promise to be perfect, so do note you use the information at your own risk and we can't accept liability if things go wrong.
What you need to know This info does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances - and remember we focus on rates not service. We don't as a general policy investigate the solvency of companies mentioned, how likely they are to go bust, but there is a risk any company can struggle and it's rarely made public until it's too late (see the section 75 guide for protection tips). We often link to other websites, but we can't be responsible for their content. Always remember anyone can post on the MSE forums, so it can be very different from our opinion. Please read the Full Terms & Conditions, Privacy Policy, how this site is financed and Editorial Code. Martin Lewis is a registered trade mark belonging to Martin S Lewis. More about MoneySaving Expert and Martin Lewis What is MoneySavingExpert.com?
Founded in February 2003, it's now the UK's biggest consumer help website with over 9 million people getting this email and nearly 13m using the site. In September 2012 it became part of the MoneySupermarket Group PLC. Its focus is simple: how to save cash and fight for financial justice on anything and everything. The site has over 30 full time staff about half of whom are editorial researching, analysing and writing to continually find ways to save money. More info: See About MSE Who is Martin Lewis? Martin set up and runs MSE, and still writes this email each week (unless it says so). He's an ultra-focused money-saving journalist and consumer campaigner with his own ITV prime-time The Martin Lewis Money Show, weekly slots on Radio 5 Live, This Morning and Good Morning Britain, amongst others. He’s a columnist for publications including the Telegraph and Woman magazine. More info: See Martin Lewis' biography What do the links with a * mean? Any links with a * by them are affiliated, which means get a product via this link and a contribution may be made to MoneySavingExpert.com, which helps it stay free to use. You shouldn't notice any difference; the links don't impact the product at all and the editorial line (the things we write) isn't changed due to it. If it isn't possible to get an affiliate link for the best product, it's still included in the same way. More info: See how this site is financed. As we believe transparency is important, we're including the following 'un-affiliated' web-addresses for content too:
Unaffiliated web-addresses for links in this email moneysupermarket.com, gocompare.com, confused.com, comparethemarket.com, directline.com, aviva.com, hastingsdirect.com, admiral.com, churchill.com, privilege.com, tescobank.com, santander-products.co.uk, coverbox.co.uk, co-operativeinsurance.co.uk, barclaycard.co.uk, halifax.co.uk, mbna.co.uk, sainsburysbank.co.uk, postoffice.co.uk, saga.co.uk, nationwide.co.uk, greenflag.com, paybyfinance.co.uk, capitalone.co.uk, aquacard.co.uk, santander-products.co.uk, comparethemarket.com, marksandspencer.com.
Financial Conduct Authority (FCA) Note Referring people to insurers or insurance intermediaries can in some circumstances constitute an FCA regulated activity. For this reason, pages with links which take you to the sites of insurers or insurance intermediaries are hosted by MoneySavingExpert.com Limited on behalf of MoneySupermarket.com Group PLC. MoneySupermarket.com Financial Group Limited is authorised and regulated by the Financial Conduct Authority (FRN: 303190). The registered office address of both MoneySupermarket.com Group PLC and MoneySupermarket.com Financial Group Limited is MoneySupermarket House, St. David’s Park, Ewloe, Chester, CH5 3UZ. To change your E-mail or stop receiving the weekly tips (unsubscribe): Go to: www.moneysavingexpert.com/tips |
