Martin Lewis has revealed how consumers could "save £100s" per year on insurance and cover.
With the cost of living crisis continuing to worsen, households across Scotland and the UK are looking for ways to keep costs low wherever possible. The energy price cap is set to soar once again in October, meaning budgets will be stretched even thinner.
The MoneySavingExpert co-founder has been sharing tips to help people save as much money as possible. His latest advice is for those who pay for travel insurance, mobile phone cover and breakdown cover.
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Taking to Twitter, the financial expert wrote: "Do you pay for travel insurance, mobile phone cover (for family too), and breakdown cover? If so you can likely save £100s a year with the current top package bank accounts..."
Alongside the tweet, Lewis shared a link to a page on the MoneySavingExpert website about the topic that goes into more depth. Here is what you need to know in order to potentially save hundreds of pounds a year.
The webpage is all about packaged bank accounts, which Lewis calls "the Marmite of banking". He explains that they can help customers save a significant amount of money on insurance costs, but that many do not know how to fully take advantage of them.
The money guru compares the "top two" packaged bank account providers: Nationwide and Virgin Money. A full comparison can be found here, but Lewis summarises: "Both give up to £500 of benefits for well under £200 a year. Virgin wins for savers, Nationwide's slightly cheaper, the rest is all preference..."
Lewis also warned the packages are only recommended for people who would "get the insurance anyway". He explained: "While these are bank accounts, think of them as all-in-one insurance packages.
"So add up how much you currently pay for (or will pay for) mobile phone, travel and breakdown cover, then compare it to the package account's annual cost.
"Certainly if you cover two or more mobiles, get family annual travel insurance and roadside recovery, these are winners, especially as cover levels are good. In fact, as both have sign-up bonuses which effectively reduce the year one cost, they're likely worth it even if you only pay to cover a couple of mobiles."
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