{"id":1015,"date":"2015-02-13T09:00:35","date_gmt":"2015-02-13T09:00:35","guid":{"rendered":"http:\/\/blog.booktheorytesttoday.com\/?p=1015"},"modified":"-0001-11-30T00:00:00","modified_gmt":"2015-02-11T18:52:26","slug":"top-tips-to-slash-the-cost-of-motoring-3","status":"publish","type":"post","link":"https:\/\/www.theorytestcentres.co.uk\/blog\/top-tips-to-slash-the-cost-of-motoring-3\/","title":{"rendered":"From the Mouth of Martin: Top Tips to Slash the Cost of Motoring – #3"},"content":{"rendered":"

Strap yourselves in wannabe petrol heads. With the help of money saving expert, Martin Lewis, Book Theory Test Today is hitting the road with 50 top tips that will cut your motoring costs. Tune in each & every week for a new tip and remember to share with friends and family.<\/em><\/span><\/p>\n

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This week we\u00e2\u20ac\u2122re looking at paying monthly for your insurance. Did you know? Paying your car insurance monthly incurs an interest rate charge, it\u00e2\u20ac\u2122s true.<\/span><\/p>\n

Book Theory Test Today Cost of Motoring Tip #3 \u00e2\u20ac\u201c Avoid Paying Monthly<\/strong><\/span><\/h2>\n

Book Theory Test Today<\/strong><\/a> says: \u00e2\u20ac\u0153Paying car insurance on a monthly basis is equivalent to paying a high\u00e2\u20ac\u201cinterest loan.\u00e2\u20ac\u009d<\/span><\/p>\n

Money expert Martin Lewis demonstrates: \u00e2\u20ac\u0153If you\u00e2\u20ac\u2122re insurance premium is \u00c2\u00a31,000, but you\u00e2\u20ac\u2122re paying an APR of 25%, your insurance is actually costing you \u00c2\u00a31,140 a year once interest is applied.<\/span><\/p>\n

To prevent paying more for your insurance, Book Theory Test Today advises that you pay the amount in full. If that\u00e2\u20ac\u2122s not an option get yourself a credit card with a lower interest rate. Or, as Martin says, \u00e2\u20ac\u02dcget yourself a 0% credit card for spending; making sure what you\u00e2\u20ac\u2122re repaying is substantial enough to clear the credit within 12 months.\u00e2\u20ac\u2122<\/span><\/p>\n

When paying by credit, either in monthly instalments or in full, be sure to check that your insurance provider doesn\u00e2\u20ac\u2122t charge you a fee. However, it\u00e2\u20ac\u2122s likely that the fee is less than the one charged when paying by monthly instalments.<\/span><\/p>\n

How do the Big Insurers Compared?<\/strong><\/span><\/h2>\n

Well, the awesome Mr Lewis carried out a comparison check and compiled details of the monthly APRS of the UK\u00e2\u20ac\u2122s biggest insurers. From highest to lowest, these are as follows:<\/span><\/p>\n