When it comes to owning a car, it can cost you a small fortune. From the initial purchase price to maintenance, as well as keeping it on the road with gas and insurance, having a car can be expensive. Although there may be little you can do about rising gas prices, there are steps you can take to reduce the cost of your insurance.

Here are some investments you can make to help you save on car insurance for years to come. After all, sometimes you have to speculate to accumulate.

Build a Driveway

When looking for an insurance policy, the majority of providers want to know where your car is kept, both during the day and at night. This is important as the location of your car can impact the likelihood of it being stolen or damaged. Although you may have to use a parking lot while at work, if you have the space, adding a driveway to your home could help to reduce car insurance. This provides a secure place to park and it could increase the value of your home.

Your Credit Score and Car Insurance

Did you know that some insurers look at your credit score when deciding whether to offer you a policy? This is because your credit score reflects your rate of risk and the probability of you meeting your repayment schedule and takes into account things like cards and loans repayments.

Swap Your Car

Different cars fall into different price brackets, meaning the cost of your car insurance has already been affected before you even get behind the wheel. One way to help lower premiums could be to sell your current car and swap it for another vehicle in a cheaper insurance group.

Increase Car Security

How safe and secure your car is can have an impact on your car insurance costs. For example, if it’s easier to break into or steal, this could increase your chances of making a claim. To help counteract this, you could invest in car security, by adding an additional alarm or immobiliser. As the average person keeps their car for approximately six years, this one-off cost could be a worthwhile investment. A necessary and unavoidable cost, expensive car insurance premiums can take a toll on your finances. Try these tips to see if you could save.  

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