Financial expert Martin Lewis warns against mandatory direct debits for car insurance, as some firms charge up to 40% APR.
Financial expert Martin Lewis cautions drivers against mandatory direct debits for car insurance, noting that some firms charge up to 40% APR, exceeding typical credit card rates. While the average UK car insurance premium has dropped to £861, drivers are advised to avoid automatic renewals, shop around for better deals, and consider adding named drivers or security measures to lower costs. Younger drivers continue to face significantly higher premiums.
October 14, 2024
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