The Money Saving Expert founder has urged drivers and homeowners to check new policies, even if they’re not up for renewal.
He said this is because a set of insurance rule changes that come into force from January 1 could leave people paying more.
Usually when people stay with insurers for a long time, they would see prices hiked meaning they’re overpaying by a lot.
Meanwhile new customers could take advantage of cheaper offers that enticed them to switch providers.
The MSE expert shared the information in his latest weekly newsletter.
Want all the biggest Lifestyle news straight to your inbox? Sign up for our free Daily Star Hot Topics newsletter
He said: “My guess is firms won’t just cut renewals to match newbies’ prices.
“They’ll drop ’em somewhat, and increase new-customer rates – meeting towards the middle.
“While the new regime officially starts in January, insurers will likely start to shift pricing algorithms sooner.
“So the clock is ticking and the cheapest prices may start to disappear within weeks or months.”
He is advising home and car insurance customers to start shopping now to secure the best offers.
You should be able to cancel your insurance even if you’re in the middle of your policy.
Just be mindful there could be an admin fee for doing this.
Martin added: “Even if you can’t save now, but can match your current price, it may be worth doing in case prices rise.
“This is far shakier territory though, as it involves some crystal-ball gazing. So I’ll leave it up to you.”
To switch you can shop around to find the best deal by using Go Compare, Compare the Market, Uswitch and MoneySupermarket.
Also it’s best to check websites too as Direct Line don’t use comparison websites.
Once you’ve found the best deal, switch across.
But if you like your current provider, you can show them the policy to see if they can match it.
There’s no guarantee but haggling could be a good way to drive down costs.