It might be something that could frighten drivers, the thought of having to pay their entire car insurance premium in one installment. However, drivers are urged to consider the long run as they will find they are saving themselves a considerable amount of money.
According to recent figures, approximately 13 million drivers who pay their car insurance premium monthly are spending a massive £624 million more than those drivers who pay annually. As drivers look for ways to cut down the cost of running a car, they are clearly missing out on huge savings.
Prices on car insurance have risen by 4% with petrol prices also shooting up. All this means that running a car is becoming more expensive than ever. The average annual premium works out at £459.44; however those who opt to pay monthly are being charged £506.76 (£47.32 more expensive).
For some drivers paying the insurance premium in one installment may not be possible but for those who can afford to do so, should seriously consider it. There are ways of saving on your car insurance and paying annually is just one of them. Buying a fuel efficient car is the best way as you will not use the same amount of petrol.
The ability to compare car insurance quotes is very important so shopping online is the best way to find the most comprehensive quotes. Shopping online allows customers to compare quotes from the leading insurers and is the best way to save you some money on your car insurance premium.
For many people, spreading the cost of their car insurance premium over a 12 month period is the most cost-effective way as a small amount coming out each month is unlikely to have the same effect as one large sum being taken from your account.
The ability to compare car insurance means finding the best deals on is easy. Consider paying annually to reduce the cost of your car insurance and as prices continue to rise anything we can do to minimise insurance costs should be taken advantage of. |
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