A CAR expert has revealed seven nifty ways to slash motor-running costs – and it could bank drivers a tidy sum.
The cash-saving tips were highlighted by motor company Zego, who specialise in car insurance.
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The pointers come as folks desperately try to find new ways to save money while contending with the cost-of-living crisis – as car expenses continue to surge.
Every year drivers have to renew their insurance, and it can be easy to let it happen automatically with their current provider.
But Zego advises motorists “not to settle” for their renewal quote, as a quick comparison between other companies could save them a pretty-penny.
It said: “Comparing your quote with different insurers could help you to uncover a potentially big saving.
“We also suggest tailoring your policy to match your specific needs (particularly for business use) to avoid overpaying for coverages that you don’t need.”
And when paying for insurance it reminded drivers that shelling out the fee annually could cut costs down because providers cheekly charge them for the “convenience” of paying monthly.
This tip can be difficult for low-income households, as an annual fee is a hefty lump sum that’s paid at once.
But, the insurance specialists said: “If an upfront annual payment is out of reach, using a 0% interest credit card for the payment allows you to effectively manage monthly payments without additional interest, as long as the balance is cleared within the interest-free period.”
As well as that, don’t look past the mileage use, the amount of miles a driver does has a direct impact on how much insurance costs because more time spent on the road means a higher chance of an accident.
It said: “Be sure to accurately report your mileage when requesting a quote – it can help to reduce your premium.”
Two more tips tell drivers to upgrade their motor’s security and double check any additional coverage included.
It said: “Adding an approved alarm system, immobiliser, or other security features, and ensuring that you park it in a secure place at night can all contribute to cost reductions.”
When advising on additional coverage, it said: “Check to make sure that any policy add-ons you have are actually needed.”
These could be extras like breakdown cover, legal expenses insurance, a courtesy car, personal accident protection, or windscreen cover.
Often, these extras might already be covered under other policies drivers hold, or through your bank or credit card provider.”
The firm said that taking off extras you already have, or don’t need, can dramatically drop your premium price.
Not stopping there, it also said drivers should “adjust” their voluntary excess, stating that “opting for a higher voluntary excess can result in lower premiums.”
They said: “But it’s important to make sure that the amount is manageable in the event of a claim.”
Lastly, the insurance experts said drivers should keep a close eye on their actual vehicle use and make sure it “accurately reflects” how they use their motor.
They said: “Changes in how you use your vehicle, such as for work or delivery services, will require a change in your insurance to make sure it remains valid.
“For those who drive only occasionally, temporary insurance can offer a flexible, short-term solution, allowing coverage for as little as an hour to up to 28 days.”
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7 TIPS TO SLASH YOUR CAR INSURANCE COSTS
1. Compare your renewal quote – Don’t settle for your current provider’s quote, if they don’t match your cheapest offer, drop them.
2. Annual payments usually cost less – Where possible, pay your insurance costs anual fee in one lump, it will save you money in the long run.
3. Mileage matters – Make sure the amount of milage you do is accurate, less time on the road means less risk for insurance companies.
4. Boost your vehicle security – Make your car look less attractive to thieves – a safer car means a lower cost when insuring it.
5. Check additional coverages – Check what additional coverages are attached to your policy, you may already have them or not even need them.
6. Adjust your voluntary excess – Opting for a higher voluntary excess can result in lower premiums, but it’s important to make sure that the amount is manageable.
7. How you use your vehicle use – Drivers who are rarely on the road could save money by using temperary insurance, a short-term solution allowing coverage for as little as an hour to up to 28 days.
