ROAD TO RICHES

Soaring price in fuel means Brits are driving cars less and could be saving money on car insurance, say experts

Alice Fuller

Published: 15:45, 16 Apr 2022
Updated: 15:45, 16 Apr 2022

SOARING petrol prices have pushed millions of Brits to use their cars less.

But driving fewer miles isn't the only way to claw back some much-needed cash as the cost of living rises.

Petrol rises continue to soar to record highsCredit: Getty

There are actually several other easy ways to save money when it comes to your motor.

Something as simple as switching your insurance cover or choosing an electric vehicle could make all the difference.

Plus, if you're one of the two thirds of UK drivers who travel fewer than 7,000 miles a year, you could also be able to save big.

James Blackham, CEO at Europe's leading pay-by-mile insurance provider, , said: "With the cost of living crisis in full flow, many drivers may be leaving their cars parked up a lot more to avoid the eye-watering prices at the pumps.

1. Request an insurance refund

When the UK was plunged into lockdown at the start of the pandemic, most people were using their cars very little, and some not at all.

Although it was not made mandatory, millions of motorists were then eligible for an insurance break in payments or premium refund - and many will still be entitled to some money back.

So it's definitely worth checking with your provider if you fit the bill, particularly if you reduced your mileage by at least 1,000 miles annually.

Blackman said: "If you’re one of the 82 per cent of people who didn’t receive a refund from your insurer during lockdown, then call your insurer up and ask them why."

2. Pay by the mile

If you now do fewer than 7,000 miles a year, you could be entitled to savings with a usage-based insurance policy.

This means you typically pay an upfront fee to cover the car while it's parked, then a few pennies per mile for what you actually drive.

It's perfect for those who rarely get behind the wheel, and 51 per cent of drivers could save £303.64 by making the switch, according to website Finder.

3. Go electric

If you're covering shorter distances or making fewer trips, then it could be financially - and environmentally - beneficial to switch to an electric vehicle.

Although insurance policies tend to be a fraction higher, it means you don't have to fork out big time at the pumps.