FOUR WAYS TO CUT PREMIUMS

• LOYALTY does not pay. Use a comparison website to find the best motor insurance cover – on average you might expect to knock £200 off your annual premiums if you have been with the same insurer for some time.

• MONTHLY instalments, rather than a one-off yearly payment, for car insurance can add 20 per cent to the total price of premiums. Even if it feels like a bit of an imposition at the time, a one-off payment may save you on average £160.

• CONSIDER having a telematics ‘black box’ installed to monitor your driving. Young motorists can save £500 or more a year – though they still pay on average £1,200 annually. Interestingly, those aged 65 or more can save about £300 a year. Installation costs are around £100.

• PROTECT your no-claims bonus. A five-year no-claims bonus can shave up to 75 per cent off your premiums – so it is worth saving. Protection can add £25 to the cost of an annual policy.