Motoring can be a very costly business, depending on the vehicle that’s being driven and how you’re driving it. If these costs can be anticipated ahead of time, then they can usually be managed. Even if you know that your car will cost a lot to run, you might learn to soak up those costs and enjoy a stress-free life on the road.
It’s when motoring costs are large and unexpected that things become more difficult. What if you’re suddenly involved in a collision? What if there’s a mechnical failure under the hood? What if your car is stolen overnight?
According to a survey by Nerdwallet, almost two-thirds of Brits don’t know how much they’re paying to keep their cars on the road, while a fifth have had to go into debt in order to cover the cost of unexpected repairs.
Ways to avoid high costs
By adopting a few key habits and strategies, you can reduce the risk and impact of all these things and more. But what do those habits and strategies look like?
Reducing your speed will tend to save you in the long run. It’ll reduce wear on your tyres, and keep your efficiency high. But it’ll also reduce your risk of being involved in a collision. If you’re driving within the speed limit, then your stopping distance will be kept under control. What’s more, you won’t have to worry about speeding fines and other penalty notices coming through the door. These not only have a direct impact: they can also help to drive up your premiums.
If you’re going to drive on UK roads, then you’ll need to make sure that you’re appropriately insured. Insurance products come in many different shapes and sizes, but if you’re buying new, guaranteed asset protection makes sense. GAP insurance will cover the difference between the cost of the car as it was when new, and the value of a like-for-like replacement at the point that it’s written off. As such, it’ll prevent you from falling into negative equity.
Take out roadside assistance
If you’re putting in a lot of miles, then you’ll be at increased risk of becoming stranded at the roadside. This is where the right kind of roadside cover can be very helpful. It will get you up and running again, wherever in the country the failure might have occurred.
Don’t drive in bad weather conditions
Driving through sleet and snow will put you at higher risk of being involved in an accident. If you find that driving in poor conditions is unavoidable, then you might alter your driving behaviour, and possibly install additional safety devices, like winter tyres and snow chains, to limit the risk.