How to Reduce Your Costs as a Driver

How to Reduce Your Costs as a Driver

August 10, 2022 Off By Ariana Rogers

It’s no secret that owning and running a car is expensive. From your annual insurance payments to replacing broken car parts, the expenses are never-ending.

With the increasing costs of living, finding new ways to save money is helpful for every driver. No matter what vehicle you drive, making smart decisions can save you hundreds of dollars every year.

In this article, we’ve compiled a list of top tips for all of the drivers out there to minimize costs and save as much money as possible.

  • Drive Economically

Your driving technique affects how much fuel you use. Fuel-efficient driving will cut your fuel consumption and, therefore, cut your total costs over the years.

If you’re constantly accelerating and braking harshly, you’ll end up using more fuel and filling up your tank more often. Similarly, if you’re constantly driving in low gears that force your car engine to work harder and use more fuel to move forward.

To cut your fuel consumption, drive in the highest possible gears, avoid slamming on your breaks, and allow yourself to gently roll to a stop when you’re approaching traffic lights.

  • Get an Extended Warranty

Extended car warranties provide you with some financial protection as a driver. They cover the costs of a list of common car repairs and replacements that would otherwise cost a lot of money when paid in full out of your own pocket.

Your warranty will cover the costs of fixing problems with your car’s engine, failing alternators, suspension issues, and electrical failure. Having coverage will cut your expenses if your car run into trouble in any of these areas. You can also get add-ons to your warranty policy for extra coverage.

If you’re wondering what your extended car warranty cost will be, compare multiple quotes from different providers. The exact cost of your premium depends on the level of coverage you choose, your vehicle size and type, and the provider’s prices.

  • Add an Experienced Driver to Your Insurance Policy

Insurance is mandatory for all drivers so it’s a cost that you can’t avoid. However, you can minimize the costs of your insurance premium by adding an experienced driver to your policy.

For example, if one of your parents has been driving for decades and has several years of no claims on their own insurance, adding them to your policy could significantly reduce your costs. This is because insurance companies see experienced drivers as ‘low risk’. They weigh up the total risks of every named driver on your policy to determine the total premium price.

Make sure you are the main driver on the policy and your experienced relative or friend is placed as the named driver. Inform the insurance provider as soon as possible to cut the price of your policy in the upcoming billing cycle and beyond.