Car Running Costs: How to Save on Insurance and Maintenance

By  //  August 10, 2021

Purchasing a car is a costly business, the bad news is the costs won’t stop there. Running one isn’t any cheaper either, so when you’re budgeting, it’s critical to consider all the associated costs required to keep a vehicle up and running and how you might be able to keep a lid on expenses. 

An adequate car insurance policy is both smart and prudent, yet there’s no doubt that it adds to the expense of driving. But don’t let insurance ruin driving for you – premiums can also vary by hundreds of dollars depending on a number of factors.

Your duty is to make sure your vehicle remains in one piece while following all the necessary steps to reduce the bottom line of your car insurance cost. 

Shop Around for Your Auto Insurance

We recommend getting at least three quotes from both different agencies and different types of insurance agencies -that is, those that offer quotes through their own agents; those that offer quotes through independent agents; and those that offer quotes online or directly through the phone. Ask someone you know for their recommendations based on their experiences, and do your own due diligence by researching the insurance providers before committing.

Make sure you understand your car insurance enough that you can ask a prospective insurance agent an informed question. However, when shopping for a cheap quote, remember that the lowest price isn’t always the “cheapest” option.  That’s why the company you trust must be one that’s reputable and that you’re comfortable with the service they offer.

Compare Insurance Quotes Before You Purchase a New Car            

Car insurance premiums are based largely on a car’s value, the cost to repair it, its likelihood of theft, and overall safety records. Many companies offer discounts for features that minimize the risk of personal injuries or car theft or vehicles that are often safer.

When comparing used or new vehicles to purchase, ensure you also research what each makes and model will cost to insure.

Regular Car Maintenance Can Also Keep Costs Away

Address any damage or wear and tear as soon as you notice it. If you have a newer vehicle, you may prefer sending it to a franchised dealer for repair and service.

Although it may cost you more in the short term, it pays in the long term as you maintain the value of your car. Some drivers prefer to see a full manufacturer’s service history, which could mean greater residuals for you.

As the mileage increases and your vehicle gets older, you might save money by finding a reliable local mechanic instead of going back to your franchised dealer. At this point, it probably won’t influence the resale value too much.

Finally, make sure you shop around, do your research and make any repairs as soon as possible. Remember that for a newer vehicle, manufacturer-approved repairs and services can help hold more value in the vehicle. Saving money on your car’s maintenance costs will take away some financial burden and let you focus on driving.