Martin Lewis has issued drivers with several key warnings in 2024 in a bid to help road users save money while behind the wheel.
So far this year, Martin has explained when best to secure the cheapest car insurance policy as well as helped road users avoid costly driving licence fines.
The Money Saving Expert founder has also been one of the leading voices for consumers around motor finance compensation amid a “misconduct” investigation.
Last month, Martin also raised awareness around a little-known Vehicle Excise Duty (VED) rule which may have massively helped EV owners.
Martin Lewis continues to help motorists save money with his best 2024 tips listed below.
Car insurance deals
In April, Martin Lewis reiterated that road users could save hundreds of pounds by securing a car insurance policy up to three weeks before their deadline.
He urged road users to shop around and decide on a new deal exactly 23 days before their current policy ended to secure the best rates.
He branded the rule “absolutely ridiculous” with some road users paying nearly double if they wait to secure an agreement.
Martin told ITV’s Tonight programme: “The perfect time to get car insurance is 23 days before your renewal. That’s not for your renewal quote, that’s for going onto comparisons to get different quotes.”
Driving licence
Martin Lewis stressed two million motorists may be driving around with an expired driving licence in a major warning.
Road users travelling with an expired photocard risk a hefty £1,000 fine for breaking the law.
Older motorists could be more at risk with over 70s having to renew their licence every three years compared to once every 10.
In his MoneySavingExpert newsletter, Martin said: “Has your photo driving licence expired? Two million have. They usually expire after 10 years – so check its SECTION 4B to see.”
Car finance compensation
Martin has been one of the leading faces calling for motor finance consumers to submit complaints in a bid to secure compensation.
The Financial Conduct Authority (FCA) is looking into “widespread misconduct” after it emerged car finance firms charged customers hidden “discretionary commission” fees.
Drivers who purchased a car through a car finance deal between 2007 and 2021 could be affected with some drivers likely to receive thousands in compensation.
Martin said: “In value terms, car finance mis-selling is potentially going to be the second biggest reclaim payout in UK history – possibly over £10billion repaid.”
Vehicle Excise Duty loophole
Ahead of VED changes on April 1, Martin Lewis issued an “urgent” warning to motorists with an electric vehicle.
EVs will be liable to pay VED rates from April 2025 but a loophole meant road users could delay payment by a whole year.
This required taxing a vehicle at the end of March 2024 and then doing so next year to avoid paying anything until 2026.
Martin said: “Doing this means you’ll have pushed the deadline for paying tax on your EV back to when it’s next due for renewal in the final week of March 2026.” Doing this means you’ll have pushed the deadline for paying tax
