Motorists are being advised to save on car insurance premiums by opting to pay their full annual fee upfront instead of monthly.
With car insurance costs on the rise, paying annually rather than monthly can significantly reduce overall expenses. Financial experts suggest that settling the full 12-month premium in advance can lead to substantial savings.
In a recent discussion on the FT Money Clinic podcast, host Claer Barrett, alongside Sam Richardson, deputy editor of Which? Money, and Ian Smith, the FT’s insurance correspondent, delved into strategies for managing insurance costs. Smith emphasized the importance of thorough comparison shopping to find the best deals, advising consumers to explore multiple options.
“Don’t just shop around once; check again later to see if new offers become available as insurers adjust their rates,” Smith advised. He also recommended evaluating the type of vehicle you drive and considering additional measures to reduce premiums.
“Installing a telematics device, or ‘black box,’ in your car can qualify you for discounts. Though not everyone prefers this option, it can be beneficial. Additionally, some insurers offer incentives for demonstrating good driving behavior,” he added.
