MONEY Saving Expert Martin Lewis has warned motorists and homeowners they might see a rise in insurance costs from today.

The finance expert said insurance customers will stop paying a 'loyalty penalty' when their insurance comes up for renewal for this year.

Customers wishing to renew will be faced with a new set of prices, he is warning.

Martin Lewis said: "In the short run this change could see a spike in prices for switchers.

“My best guess is firms won’t just cut renewal prices to match those for newbies – rates will meet nearer the middle (as happened in 2012, when insurers were barred from gender price discrimination)..

"This will mean savings from switching will likely relatively reduce.”

Advising on how to get the best insurance deals, the financial journalist said when companies ask when you want your insurance to start there is always a 'sweet spot' for different insurances.

For insuraning your car, you should choose 23 days before renewal, while home insurance is 21 days.

You should always make sure to compare at least two insurance comparison sites to make sure that you are getting the best deal.

He also suggested that it could be worth haggling with your insurer as comprehensive cover could be cheaper than third-party motor insurance.

Some insurances could view motorists who choose comprehensive cover as lower risk.