Motorists in the UK are feeling the pressure, with increasing fuel and repair bills causing a strain on household finances. Possibly the most inflationary aspect is the cost of diesel for small business and traders, which will push up the cost of every job in the future, by about 10-15%. Brace yourselves for plumbing, car servicing, plastering or glazing costs to rocket in 2027 unless the govt cuts fuel duty. Here’s the word from Quotezone;
Car insurance experts at Quotezone surveyed 1,000 people, asking about their costs and how they were trying to find savings.
More than half, (51%), said they didn’t actually know how much extra they pay for car insurance when they opt to pay monthly.
Drivers who choose to spread the cost of their payments over 12 months compared to paying annually, weren’t aware of the price differences and how much they could be saving.
Quotezone.co.uk data shows paying monthly could add 9.6% to the total cost of insurance – roughly £112 extra each year for drivers aged 17–24, the age group that feels the difference the most due to their typically higher premiums.
Many people are unaware of the payment gap between monthly and annual payments. More than half of those surveyed did not know how much extra they pay to spread the cost, while only 35% could correctly identify what the typical increase was by opting for monthly payments.***
The research from Quotezone highlighted how payment methods are one of several factors that drivers could adjust to help bring their premiums down.
The survey asked motorists the most common ways they try to lower insurance premiums, with quote comparison (23%) and annual payments (20%) the two most popular methods.
Motorists are encouraged to ensure their policy does not automatically renew to give themselves the chance to compare quotes from multiple insurers at the time of renewal.
The timing of a renewal can also result in significant savings, with research showing that drivers could save up to 45% on average by simply renewing 15-24 days before their policy ends.
Raising the voluntary excess is another option, listed by 12% of motorists as one of the most common ways to reduce premiums. Drivers just need to bear in mind compulsory excess will also be added, so the total sum needs to be manageable in case they need to make a claim.
Greg Wilson, car insurance expert and CEO of Quotezone.co.uk, said: “There are several factors that can influence the cost of car insurance, and it’s good to see drivers recognise that comparing multiple quotes can result in savings.
“Monthly versus annual payments can be confusing, thankfully most comparison sites normally break down both options so that people can see clearly how much extra they’ll pay in interest for the monthly option. Paying annually is typically cheaper but can put drivers under pressure to pay it all at once upfront.
“Building up a no-claims bonus can also help to reduce premiums over time, and it’s worth reviewing any optional extras included in the policy to make sure drivers aren’t paying for cover they may already have elsewhere.
“Younger drivers often pay the highest premiums, so a black box policy could be worth considering. These policies monitor driving behaviour and can help to bring costs down.
“Drivers should also make sure their policy details accurately reflect how they use their car, including factors like annual mileage and where they park overnight. These factors can influence the price they are offered.
“Ultimately, drivers should review their policy each year rather than simply accepting the renewal price. Comparing quotes and checking that the cover still suits can help avoid paying more than necessary.”
Five simple ways to save on car insurance:
Compare quotes. Shop around to find quality products and competitive prices, never let your policy renew automatically without challenging the price.
Renew at the right time. Quotezone research shows that renewing your policy 15-24 days before it ends could save you between 33-45% on average, so well worth popping it in the calendar.
Pay annually. Paying upfront rather than monthly is typically 9.6% cheaper and avoids the additional interest charges.
Consider your voluntary excess. Increasing it could reduce your premium, but make sure you can afford the total excess if you need to claim.
Review your cover. Check optional extras, build your no-claims bonus and ensure your mileage and parking details are accurate. Small adjustments could help make savings.
As one of the largest price comparison sites in the UK, Quotezone has been helping drivers for over 20 years, finding them quality motoring products like car insurance and breakdown cover, from trusted insurance providers
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