From January 1, 2022, due to the new insurance regulations of the financial supervisory authority, insurers have to prove that they charge new and existing customers the same. The goal is to end the loyalty penalty.

You can switch, even if not when renewing

After analyzing over 70 million offers, you can check 23 days before renewing your car insurance (21 days for home insurance) whether you can get cheaper prices elsewhere.

Leave it later and car insurance prices can go up 50 percent (20 percent for home insurance) as insurers rate those who leave it until the last minute at higher risk.

However, if your renewal is further away, say six months, due to the upcoming rule change, it is definitely worth checking now to see if you can cut costs.

If you find a much cheaper policy, simply cancel your existing one. Provided you have not submitted or reported an incident in that insurance year, you should receive a pro-rated refund less a one-time administration fee of £ 50 (check first) which should be taken into account in any “Will I Save” calculation.

And remember, you may not get this year’s no claims discount.

DO NOT MISS

If you find a much cheaper policy, simply cancel your existing one. Provided you have not submitted or reported an incident in that insurance year, you should receive a pro-rated refund less a one-time administration fee of £ 50 (check first) which should be taken into account in any “Will I Save” calculation.

And remember, you may not get this year’s no claims discount.

How to find the right policy for less money

I’ve listed the quick steps below, but to get it right, you can find much more detailed help and options in my complete how-tos at www.moneysavingexpert.com/insurance.

Always use more than one comparison page. Websites like www.confused.com, www.comparethemarket.com and www.moneysupermarket.com are insurance marketplaces – they can have different prices for the same insurer. So for the widest comparison, use at least two and more if you have the time. Plus:

However, if you already have Multicar, then first look at individual policies via comparison sites – the opposite of what you have can be the cheapest due to new customer incentives.

Make sure you are getting the correct policy. Always check if the coverage is right for you and if you need any supplements.

Don’t pay monthly. It’s usually just an expensive loan. If you can’t afford to pay all at once, it might be better to pay with a zero percent credit card (see www.mse.me/interestfree). Just don’t borrow anymore and clear away within the year.

Check out cashback sites or use their comparisons. Sites like www.topcashback.co.uk and www.quidco.com give up to £ 40 if you buy a policy through their comparisons.

Alternatively, if you can find a great price elsewhere, see if you can buy the same price through a cashback site and you could get up to £ 70 extra. However, always view the cashback as a bonus, sometimes it is not tracked or not paid out.

Martin Lewis is the founder and chairman of MoneySavingExpert.com. To join the 7.5 million people who receive his weekly free money tips email, visit www.moneysavingexpert.com/latestip.