When working out a household budget, everyone is looking for places where they could shave off a little excess outgoing. Most of the time, money saving measures seem to come off the luxuries in life as the necessities need to be taken care of first.
For many families, running a car and everything that comes along with it is most certainly a necessity. There are some areas within your motor running fund where you are not getting the best possible value for your money. It is generally to do with the rate you are paying for your insurance.
The best ways to save while ensuring you are still covering all of the motorist’s essential bases are:
- Reducing your cover – Only insure for the bare minimum. Law dictates you only need to insure for third party, so if you are confident in your driving, you might want to down grade the amount of cover you have.
- Shopping around – When your car insurance renewal date comes round, make sure you do your shopping around before making the decision to purchase. For example 123.ie offer car insurance and recently stated on their blog that in Ireland 87% of drivers saved money on insurance policies by shopping around.
- Paying a lump sum – Avoid paying your car insurance monthly. It may seem like more scalable chunks of money but many insurers offer a much more discounted rate if you pay it off on one go. You might not be able to do it this year but if you save up for next time around, you could be saving a lot in the long run.