Martin Lewis has reveals why UK drivers are potentially leaving themselves thousands of pounds out of pocket by making one common mistake.

According to the cash-saving guru, motorists are renewing their car insurance policies at the wrong time.

The Money Saving Expert founder is a source of financial advice to millions across the UK, sharing tips on his website and in his weekly newsletter full of financial advice.

Martin Lewis also regularly appears on This Morning and various radio stations to offer advice, which has become increasingly helpful during the coronavirus pandemic with more people facing uncertainty over jobs.

During the latest instalment of The Martin Lewis Money Show on ITV, Mr Lewis shared a tip with drivers.

"It is the cheapest price you will get on a comparison - on the days before you renew,” said Mr Lewis.

"So look, never automatically renew without checking the price elsewhere. Use your price comparison sites.

"Look, 30 days before your policy is set to end, the price is right up there. It is very high,” he warned.

"It then drops rapidly - coming down and down, the sweet spot is around 21 days but anything three or four weeks.

"And then it starts to go up and up and up until you have to pay almost twice the cost.

"Now you are shouting at the TV 'this makes no sense' and 'why?'. Well, there is a reason.”

He added: "Insurance policies, quotes and pricing are based on risk. And if you are the type of person who leaves it to the last minute, their risk charts show you are a more risky person.

"That means they will charge you more."