Martin Lewis reveals little-known trick that could save couples £100s on their breakdown insurance as premiums soar
MARTIN Lewis has shared a little-known tip for couples that could save them hundreds of pounds on breakdown insurance amid soaring premiums.
The handy trick effectively lets you receive the cover for “free” as an added extra on another service.
Writing on the Money Saving Expert website, Martin shared a host of hacks for pairs of partners to ace their personal finances.
Among these was a recommendation to look into Packaged bank accounts.
As the name suggests, these are bank accounts that come with a package of benefits attached to entice customers into signing up.
You pay a monthly fee to maintain the account, but this effectively amounts to a reduced subscription to a number of products you might pay for anyway.
Martin wrote: “For many couples, especially those with families, a packaged bank account may be a good option.
“You pay a monthly fee, but get insurances included, so if you’d be paying for these separately it can save you £100s.”
Policies included in some of these accounts range from travel insurance to mobile insurance and even to breakdown cover on your motor.
The money-saving guru used the example of one popular account which sees customers given £175 for signing up.
After that, you only have to pay £10 a month and you get mobile insurance for both account holders, UK breakdown cover and European travel insurance.
Considering some breakdown policies can cost up to £20 a month alone, this potentially represents a massive saving.
And best of all is that the benefits are usually available to both account holders for the same price.
This, according to Martin, means that you can effectively “double the benefit without doubling fees”.
The only thing to note is that many accounts have minimum monthly deposits (£2,000 in this case) which can lead to extra fees if not met.
Always make sure that a financial product is affordable for you and read the terms and conditions of any service in full.
It comes after Martin shared the next steps drivers should take in the brewing car finance scandal and warned of “fob off” tactics from firms.
Meanwhile, a Mercedes that was owned by a trio of music legends, including Beatles frontman John Lennon, is up for sale.