PROMOTED CONTENT
In the
driving
seat
With bills soaring, use these handy pointers to help you spend less on essential motoring expenses and save money
obody needs reminding that there’s a cost-of-living crisis. As finances get further stretched it’s vital to examine every item in your household budget to see what you can lose, reduce or shave off.
Running a car can be one of the main expenses to balance, especially with essential costs like insurance, but that doesn’t mean you can’t make a few savings. “It’s good to review your cover at least once a year, when it comes up for renewal,” says Paul Evans, head of motor at Co-op Insurance.
“This should include any products you are sold as an add-on to your policy, to make sure they still meet your needs.”
Of course it’s not just about the insurance, and it may not be possible to cut down or stop using your car, so it’s good to know a few small changes you can make to reduce car wear and fuel usage.
Paul shares a few tips: “Service your car regularly, keep your tyres inflated, avoid braking aggressively, turn your engine off if idling. All of these will help bring down petrol consumption.”
Read on for more ways to save – and how to earn £50 when buying or renewing your car insurance with Co-op Insurance.
N
Watch the
Insurers often offer a discount on the policy dependent on annual mileage, so provide the most accurate figure you can for your maximum mileage. Bear in mind that exceeding it may affect a claim.
Go
Cars with lower engine sizes generally drive the more competitive premiums (though it also depends on the model). Do your research on a car and get a quotation before you buy.
55
MPH
the optimum speed for driving
This is the most fuel efficient speed.† Of course, only where the speed limit is higher than this and it is safe to do so – follow the road markings.
Source: theaa.com
† Approx depending on vehicle
Don’t
overpay
With the price of fuel fluctuating, you can easily pay way more than you need to. Use an app like PetrolPrices.com that compares the cost of petrol and diesel in your area. It could save you more than £100 a year if you fill up regularly.
Keep it in
the family
Some insurers offer discounts if driving is restricted to the main driver and/or their spouse. Where a young person is the main driver, adding parents can help to reduce a quote but they must not be listed as the main driver if they're not.
Third party cover pays out for any damage done to another’s vehicle or property in a crash and is the minimum level of cover allowed by law. Fully comprehensive includes damages to your vehicle as well as others’. However, opting for the former doesn’t necessarily make a policy cheaper – especially for more expensive and new vehicles.
Third party or
fully comp?
Insurers that sell breakdown cover will generally offer a reduced rate for including it when you purchase your car policy. The discount may vary by cover level. Keeping your car well maintained and regularly serviced will always save money in the long term.
Break
it down
If it’s not needed, remove your roof rack – it affects your fuel economy. And take note, cool dudes: driving windows open, elbows out has a similar (though lesser) effect.
Lighten
the load
lower
miles
70
MPH
Driving at 70mph uses up to 9 per cent more fuel than at 60mph and up to 15 per cent more than at 50mph. So go slower to reduce fuel consumption and spend less.
Source: theaa.com
Underinflated tyres have a negative effect on rolling speed and fuel economy. In fact, fuel consumption of your car increases by 0.2 per cent for every PSI of pressure dropped. It will also affect tyre wear. You can lose one to two PSI a month, so check pressures every few weeks.
Under
pressure
Up your excess
The “excess” is the amount you pay on any costs related to a claim before your insurer pays out. If you know you’d be able to pay your total excess upfront in the event of a claim, increasing your voluntary excess can bring down the policy cost. NB younger drivers typically have a higher standard excess.
CHILL
OUT...
Aircon in hot weather is recommended if it helps you drive more safely, but air con and heating use extra fuel, so consider if it’s always needed.
Unfill
If you’re carrying hefty, unnecessary items in your boot, take them out. Weight is the enemy of economy.
Keep
rolling
Judge road activity ahead (brake lights and queues), and use the gears to slow down. Aim to avoid coming to a halt and losing all the energy you’ve put into the vehicle. You’ll save tyre wear and your brake pads too.
Review
at renew
Review your insurance cover annually with your insurer/broker ahead of renewal. This should also include any products sold as an add-on to the policy like legal expenses, excess recovery and guaranteed hire car.
your boots
Think
Co-op
Existing and new Co-op members who buy or renew an eligible Co-op Car Insurance policy will get £50 added to their membership wallet to spend in store, plus Co-op will donate £5 to local community food projects. Offer ends December 31, 2022. T&Cs apply.
See coop.co.uk/insuranceoffer
£50 Membership Credit plus £5 to the Co-op Community Partnership Fund. Offer available between 11/07/2022 – 31/12/2022. Open to New and Renewing Co-op Car Insurance Customers in the UK (inclusive of NI) who take out an Eligible Co-op Insurance policy, and who are also, or become within 28 days of the start date of the policy, Co-op Members. For new members, £1 membership joining fee applies. Car Insurance is offered through Co-op Insurance Services and provided by a select panel of insurers. For all exclusions and full Terms and Conditions see www.coop.co.uk/insuranceoffer.
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