Saving tips for cash-strapped motorists

Your insurance premium is one of the most expensive aspects of motoring, but have you looked closely at ways of cutting the bill if you’re on a tight budget?

New research shows that motorists who pay for their car insurance on a monthly basis could save £62 each — £992 million collectively as a nation — simply by switching to a one-off annual payment. It’s not a huge amount, but over the years it certainly mounts up.

The research was carried out by comparison site Moneysupermarket, which analysed nearly 11 million quotes. They found that 43.8 per cent of motorists pay for their insurance in monthly instalments at an average cost of £514 a year — a figure that must seem sickeningly low to novice drivers seeking insurance for the first few years of their driving career.

But researchers found that drivers who pay for their insurance once a year are spending an average of £452.

The findings coincide with research from a leading discount brand that discovered that despite intending to spend much more on their first dream