Martin Lewis' financial wisdom was put to the test as numerous fans wrote into his Money-Saving Expert site to share their triumphs using his savvy tips to stretch their budgets. One fan certainly hit the jackpot when they saved over £200.
As part of MSE's '10 BIG MoneySaving wins from 2024', one dedicated follower, Jan, expressed her shock when she received the renewal for her home content and buildings insurance. Her bill had skyrocketed by 54% from £150 to £420.
However, instead of panicking or succumbing to the insurance company's demands, she turned to MSE to consult the home insurance guide and get some quotes to see if this increase was as exorbitant as she thought.
After about an hour of research, she was able to "secure a much better deal" and reduce the bill by £210.
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The MSE website points out that Jan's initial renewal quote is seemingly the industry average now, as the Association of British Insurers reported the average cost of home insurance has risen to £400.
However, some people have seen increases far beyond this average.
The finance guru's top advice for securing the best deal on home insurance includes avoiding auto-renewal.
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Instead, as your renewal date approaches, follow Jan's example and shop around to find the best price.
Money Saving Expert recommends obtaining these quotes three weeks before your renewal date, claiming this is typically "it's usually the cheapest time to buy".
The site also offers haggling tips that could prove useful even for the most non-confrontational savers.
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A MARTIN Lewis tip saved one savvy bill payer £1,746 after just a quick phonecall.
According to MSE, the best savings typically come from changing provider, but customers who don't want to can still hagge with their existing company.
"I phoned them and, after haggling with them, my new monthly bill is £61 per month, a saving of £1,746 over the 18 month contact.
"Bingo!"
Earlier this year, another bill payer revealed how they slashed an essential bill by £312 thanks to another tip.
If you think your bills are too high and want to drive them down, the first thing to do is find out what the cheapest deal on the market is.
You can use this rate as a bargaining tool to get a better offer from your provider or as inspiration to switch providers.
Sites like MoneySuperMarket and Uswitch all help you customise your search based on price, speed and provider.
If you've found a cheaper rate with another provider, get in contact with your current provider to see if they can match the price.
MoneySavingExpert.com recommends that you reach out to your network providers "disconnections" helpline as a last resort.
This is because most companies refer to disconnections as a synonym for "customer retentions".
Once connected, repeat your request - if you seem genuine about disconnecting, you should get a much-improved offer matching the market's best openly available tariffs.
If you're unsuccessful at haggling, then you could threaten to leave.
Your provider might then feel more inclined to keep you by offering you a better deal.
Attempting to haggle will always make it easier to decide whether to renew your contract or move to another provider.
MONEYSAVINGEXPERT.COM has listed a number of other tips to boost your haggling chances:
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