Get all your news in one place.
100's of premium titles.
One app.
Start reading
Liverpool Echo
Liverpool Echo
Entertainment
Sophie McCoid

Martin Lewis explains how to get payment holidays on car, home, travel insurance and more

Martin Lewis explained how people can get payment holidays on all kinds of insurance, such as car, home and travel, because of coronavirus.

Martin spoke about the upcoming insurance payment holidays on Thursday night's Martin Lewis Money Show.

The Money Saving Expert said that people could request payment holidays from next Wednesday, May 13.

He said it applies to car, home, travel, boiler, life, private medical insurance and more.

He said: "The Financial Conduct Authority has announced proposals, likely to be rubber stamped this week and in place by next Wednesday, that mean people can get several things."

These include payment holidays for 1-3 months on request, this is for those paying monthly insurance and struggling because of coronavirus.

Cancellation fees are also being waived for those ending policies.

You can reassess your policy to make sure it's still suitable, such as if your car mileage has dropped substantially - and they shouldn't charge fees if you do change.

You can also remove unnecessary extras on request, such as if you want to drop your 'key cover' as you're not driving, it should be allowed free of charge.

Martin said as it was a new thing those who had previously been refused, should go back to their insurance provider after Wednesday and ask again.

*The Martin Lewis Money Show continues at 8pm on ITV next Thursday

Sign up to read this article
Read news from 100's of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.