The cost of living is rising leaving many individuals, and families, struggling.
It's not just energy bills that have sky rocketed with petrol also going up in price too.
However despite the bad news about petrol, there is some good news with Glasgow Live reporting that Asda are set to cut fuel prices amid accusations that the “big four” supermarkets have kept the cost artificially high in recent weeks.
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Although petrol prices can play a big factor with what people are spending, there are many other ways their bank account may be draining of money at a faster pace. Because of this, car car specialists, Euro Car Parts, now helping drivers with ways to save on their car insurance - a cost that is unavoidable.
So what are these money-saving tips? Here's what you need to know and what the experts have to say.
Park somewhere safe overnight
Savings: up to £280
Car insurers are keen to know your parking habits, so they can factor in how safe your car is. Locking your car up in a garage overnight might seem the safest place for your pride and joy, but an insurer might not quite see it that way.
They’ll consider the fact that it could potentially pick up some scrapes as you drive in and out. With that in mind, a carport is seen as the policy maker’s pick. On average, parking under a carport as opposed on a street saved drivers 56%, so when applied to the average cost of UK insurance (£5001), drivers were saving nearly £300.
A private driveway is also a popular spot with insurance companies and could see your policy come in at almost half the price it would be if you parked your car on the street, out of sight of your property.
Make annual payments
Savings: up to £200
If you can afford it, a one-off annual payment is one of the best ways to lower car insurance costs because it means you don’t have to pay any interest on the policy. Drivers can see savings of up to £200 paying annually as opposed to monthly.
Whilst monthly costs may be easier to manage, it can work out more expensive to pay this way. By selecting a pay monthly plan, you’re effectively signing up for a 12-month loan from your insurance company. This often means paying for fees alongside the interest rate to cover the premium. Your insurance company may even carry out a credit check before they agree to the monthly plan alternative. If you’ve got a low credit score, then you may have to pay a higher rate of interest, or the lender may even withdraw their offer of a pay monthly option.
Be smart with your mileage
Savings: up to £108
Your annual mileage is one of the main factors used to calculate your insurance premium, the higher the mileage, the higher the cost. However, it is possible to opt for an insurer who rewards motorists who drive less with some costs starting around £408. When comparing this to the average cost of UK insurance (£500) drivers could be seeing savings around £108.
If you can’t go for a lower mileage insurance, it’s important to be as accurate as possible when providing your estimated miles and being economical about your fuel use. Using public transport or walking for shorter journeys, or even carpooling for work, over the course of the year can really help in reducing your mileage and, in turn, bring your insurance quotes down.
Get a dashcam
Savings: average of £50
An accident on the road can happen at any moment, and in the heat of the moment it can be tricky to gauge who was responsible for the incident. That’s where a dashcam comes in handy to capture footage of your time on the road, recording both your driving and other motorists around you.
Installing a dashcam and collecting footage from your journeys may earn you a discount on your car insurance. Some companies have offered a 10% dashcam discount for drivers with the cameras installed which could mean a £50 saving for drivers based on the average insurance cost.
Insurance companies are most likely consider reducing your rate if you’ve got a dashcam that operates GPS tracking and has a location setting in place, because the more information an insurer and the authorities have about an accident the better.
Get a black box
Savings: average of £45
If you’re new to driving, car insurance policies can be pricy because of your lack of motoring experience. One way of demonstrating you’re safe (and lowering your premiums) is to sign up for a black box insurance policy.
A black box is a small computer that’s fitted to your car to monitor how you drive, relaying the information back to your insurance provider. These devices rely on satellite technology to build up a record of your driving habits. This includes how aggressively you accelerate and brake, whether you speed and what time of day you’re active.
Once you’ve taken out a black box insurance policy your insurer will organise for a third party to install it in a place that’s out of sight, such as behind your dashboard.
Drivers, on average, can save around 9% on their insurance costs, with a black box but this can vary depending on your age and years of experience behind the wheel. By opting for a black box, you’re likely to have lower premiums in your first year, and your insurance costs may be cut further after a year behind the wheel. This is a tactic that rewards consistent driving, so it should also help you to learn some good motoring habits as well as save some money in the long run.
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