Owning a car in an expensive undertaking, particularly if you are trying to support a family. It’s a Catch 22 situation though, because families often need the flexibility of a car more than most. So how to save money? Certainly the high cost of car insurance doesn’t help mums who are already struggling to make ends meet. So by reducing your costs in this area, you can free up money for more important things.
Do Your Research
The most important step you can take is the first one. Do your research and shop around. As insurance has become such a considerable expense for car owners, naturally insurance companies are constantly trying to outdo each other on price. This is where you can capitalise on the competition. Price comparison sites are a good place to start, as they’ll bring up insurance quotes from just about every company you can imagine, from the household names to the smaller and less known firms. Often in fact it is the more obscure companies that offer the best deals. Play your cards right, and you could save up to £300 on your next quote.
Again another Catch 22 situation, because some families will struggle to pay a lump sum up front for their car insurance. But if they’re any way you can avoid paying monthly, please do so because the difference in price is massive. For example, an annual insurance quote paid in one lump sum of £500, would probably equate to around £700 if paid by monthly instalments instead. So in reality, pay monthly insurance policies are a false economy and should be avoided at all costs.
Having a security device fitted to your car will decrease the cost of insurance a fair amount. You may already have a built-in security alarm (one that came with the car). But any additional security measures you can take (installing a more advanced security device, fitting your car with an immobiliser etc) will impact the amount of insurance you pay, in a positive way.
There’s no denying that owning a car is both very expensive yet equally essential for families. And if we are to keep costs to a minimum and in turn, save our money for more important family expenses, the above advice should be taken into account.