The simple trick is not to accept a home or car insurance renewal automatically. Compare quotes before the renewal date, use the cheapest like-for-like quote as leverage, then either switch or ask your current insurer to match or beat it. For UK car insurance, MoneySavingExpert says its analysis found the cheapest buying window was around 21 to 26 days before the policy starts. For home insurance, it points readers towards comparing around 15 days before renewal, with three to four weeks usually still reasonable.

Why the renewal date matters

Insurers price risk using many signals, and timing can be one of them. According to MoneySavingExpert, its analysis of almost one million car insurance quotes from November 2025 to January 2026 found an average annual price of £723 on renewal day, compared with £377 when bought 25 days earlier (MoneySavingExpert, 2026). That is a specific MSE analysis, as of July 2026; verify current prices and terms with the insurer or an FCA-authorised adviser before deciding.

For home insurance, MoneySavingExpert says buying at the right time can save up to 25%, and that around 15 days before renewal was cheapest on average in its guidance (MoneySavingExpert, 2026). The point is not that every household gets the same saving. It is that leaving renewal until the final day can reduce your bargaining power.

The quick way to use the trick

Start when your renewal notice arrives, or set a diary reminder before it. For car insurance, begin checking quotes roughly three to four weeks before the new policy needs to start. For buildings, contents, or combined home insurance, start around two to three weeks before renewal.

Compare like with like. Match the excess, cover type, add-ons, claims history, no-claims bonus, named drivers, property details, valuables, rebuild cost, and any accidental damage or personal possessions cover. A cheaper quote is only useful if it gives the protection you actually need.

Then call or message your current insurer. Say you have found a comparable policy for £X and ask whether they can reduce the renewal price. If they cannot, and the alternative policy is suitable, switching may be the cleaner option.

Do not cut cover just to cut the price

For car insurance, UK law still matters first. GOV.UK says you must have motor insurance to drive on UK roads, and third party insurance is the legal minimum (GOV.UK, 2026). If your car is kept on the road or not declared off road where required, do not let cover lapse while shopping around.

Read also: What the Musicians’ Union Car and Home Insurance Partnership Means in the UK

For home insurance, check whether you need buildings cover, contents cover, or both. A leaseholder, freeholder, tenant, landlord, student, or flat sharer can have different needs. Citizens Advice lists insurance topics including claims, policy problems, types of insurance, and cancellation, which are useful areas to understand before changing provider (Citizens Advice, 2026).

The biggest false economy is raising your voluntary excess beyond what you could comfortably pay after a claim. Another is removing accidental damage, personal possessions, legal expenses, or courtesy car cover without understanding what you are giving up.

What to check before accepting a cheaper quote

Check the compulsory and voluntary excess together. Check the start date so there is no gap in cover. Check whether monthly payment adds interest, because paying annually can be cheaper if you can afford it. For car cover, compare comprehensive, third party fire and theft, and third party quotes, because comprehensive is not always the most expensive. For home cover, check rebuild cost and contents value carefully, because underinsurance can reduce a claim payout.

Also read the policy wording and key facts document, not just the comparison table. Cover, exclusions, limits, and availability vary by insurer and by policy.

Bottom line

Martin Lewis’s renewal trick is really a disciplined timing and comparison habit: do not auto-renew, compare early, haggle with evidence, and switch only if the cheaper policy still fits. The best result is not the lowest premium in isolation. It is suitable UK cover at a better price, with an excess and exclusions you understand.

This article is general information only, not regulated financial advice. UmbrellaOwl is not authorised by the Financial Conduct Authority. For personal recommendations, consider speaking to an FCA-authorised insurance adviser. For legal or tax questions, speak to a solicitor or tax professional.