Money Saving Expert Martin Lewis has revealed the "biggest shake up in decades" in how car and home insurance costs are calculated.
A new algorithm is coming to insurance which will mean new and existing customers will have to pay the same price from January 1, 2022.
The financial broadcaster, speaking on the Martin Lewis Money Show Live on ITV tonight (October 14) warned that the change could come sooner then expected as insurance companies adjusted to this new formula, which might mean the end of cheap deals for switches, potentially any minute.
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Contrary to his previous advice, he urged people to look at alternative car and home insurance options as soon as possible to save money prior to the new algorithm coming in.
Under the new calculation method, Martin suspects existing and new prices will meet in the middle. Savings for switches will consequently drop in the future, but he believes there will still be some opportunities to save money.
The money saving expert believes the new price change could come within the next month and that the "window of opportunity to bag yourself a cheap switch deal is now".
Even if your renewal wasn't due for a number of months, Martin encouraged customers to look at options.
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