With gas prices seeming like they are a one-way bet heading north and so many financial cutbacks going on everywhere you look, a bit of penny pinching when it comes to running costs for auto owners is now pretty much essential to keep your finances on track.
Here are three money saving tips to keep your auto expenses to a bare minimum and keep as much money in your pocket rather than wasting it on paying out more than you need to.
Reassess your insurance
Making some adjustments to your car insurance needs can send the rate that you pay on a welcome downward spiral. There are several penny pinching ideas you can use to get lower rates and they can have a dramatic effect on the overall cost. The first thing to look at is to consider raising the deductible on your comprehensive policy which will mean that if you can stay out of trouble and avoid a claim you will benefit from a much lower rate overall. If you raised the deductible from $200 to $1,000 on your comprehensive policy you can save an average of 40% on the total cost.
If you have an older car, then think about dropping the comprehensive and collision coverage altogether especially if your annual auto insurance premiums are 10% more than the book value of the vehicle.