Driving can be a costly business. Fuel, maintenance, MOT, breakdown cover, tax and insurance? And suddenly you’ve got no money to do the things you need the car to get to. But wait! Before you try to cut corners, wondering if you’ll get caught if you drive without insurance (you will), we’ve got some money saving tips that mean you can run your car and still have some extra cash to enjoy yourself.

1. Renew early

Don’t leave it to the last minute to renew your insurance. Research suggests that premium quotes are likely to be at their lowest 20-26 days before your renewal is due. Getting onto it early also means that you have time to shop around for the best deal. If you do it in good time, you’re going to be paying less that if you’re rushing to get it done on deadline day.

2. Pay annually

Although it means you have to have a lump sum of cash, paying for a whole year all at once is cheaper than paying monthly, because you’re not stumping up for the interest. Why not pay into a savings account every month in order to save for the annual renewal cost?

3. Increase your excess

The excess on your insurance is the amount you pay if you have to claim. Amounts can range from nothing to hundreds of pounds. Increasing the excess on a policy – even by a small amount – can reduce the premium quote. Make sure you have the money to pay the excess if you have an accident though. Don’t raise it too high!

4. Pay for what you need

We’ve all got stuff we pay for that we never use – gym membership, a streaming service you never watch. Don’t do the same when you buy insurance! When you’re searching for prices, just select the cover you need. If you don’t use your vehicle for business, don’t pay for that! If you already have breakdown cover, don’t add that in!

5. Get a Black Box

Consider a policy with a Black Box as this reduces the risk to insurers and so are often cheaper. Your insurer can calculate your premium based on your driving performance, offering lower prices if you’ve been driving safely.

6. Talk to the insurer

Got any extra driving skills? Sometimes an advanced driving qualification can bring down your premium. Taken any extra security measures? Sometimes improving your car’s security can also reduce insurance costs. Yes, these things mean you’re paying a bit more to start with, but their impact will last for years.

So, before you despair and think that you’ll never have any spare cash, try some of these tips to save yourself some money legally on your motor insurance.