August 28, 2014

Expert issues money-saving tips to cash-strapped drivers

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British motorists concerned about sky-high petrol prices are being advised by an insurance expert at moneysupermarket to car share, avoid harsh accelerating and braking and find an alternative mode of transport for short journeys in order to save money.

Pete Harrison’s recommendations come after the leading price comparison website looked into how the rising cost of filling up at the pump and soaring car insurance premiums are being received by vehicle owners.

The results give a clear indication that drivers are struggling to cope, with almost one million willing to sell their car altogether in response to the financial drain. Over half of those quizzed (55 per cent) will downscale to a more fuel-efficient model the next time they have to buy a new vehicle and just over one in three people (38 per cent) will purchase a car that is cheaper to insure and tax.

In total, two thirds of motorists (65 per cent) will downsize due to the escalating price of fuel and insurance. There seems to be no end in sight for beleaguered drivers as petrol prices are just 1p shy of hitting record heights if recent media reports are to be believed.

Harrison, though, has some sound guidance on how to lower petrol consumption and has stressed that shopping online for car insurance on moneysupermarket could result in savings of over £300. Paying for cover annually instead of every month, obeying motoring laws, having an alarm or immobiliser fitted to a vehicle and not undergoing any modifications are other ways to keep insurance costs down.

He said: “It is not surprising so many motorists are rethinking their vehicle choice given escalating fuel and insurance costs.

“Our analysis shows car insurance prices increased by 31 per cent in 2010, and we have seen similar rises in 2011. This, coupled with rising fuel costs, is creating extra pressure on household spending, and forcing many families to rethink their motoring needs.

“Looking for ways to cut costs is a priority and drivers can find ways to help ease the cost of running a vehicle. Reducing fuel consumption through car sharing, avoiding using the car for short journeys and driving more efficiently are ways motorists can help to reduce the impact of spiralling fuel costs.

“It is also crucial drivers shop around to find the best deal on their insurance policy as they could save themselves over £319 by not accepting their renewal quote and looking elsewhere – helping to mitigate some of the impact of rising motoring costs.”

Image courtesy of Geoffrey Gilson


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Comments

  1. Motor Trader says:

    It’s certainly an expensive time for motorists all over the UK – if it’s not fuel prices it’s insurance or road tax or MOTs… Whilst I agree that you should shop around for motor insurance there is no guarantee that going to one comparison website will find you the best possible deal. Some insurance brokers can offer better deals if you go direct.