The EU Gender ruling

The EU Gender ruling produced a mixed reaction depending what gender you are. While the statistics suggest females have fewer accidents than their male counterparts, it is they who will be feeling the effect most. It’s been estimated this could add a few hundred pound more on to insurance prices and even more for new young female drivers with some suggesting a 50% rise is not out of the question.

In 2012, the European Court of Justice (EJC) ruled that calculating insurance premiums by gender was illegal discrimination. Although the ruling came into effect at the end of 2012, many drivers both old and new are unaware of the change. Of course, this isn’t the only cost you have to consider when buying a new car. Here are our tips for keeping those costs to a minimum by making savings elsewhere.

New Car

Car finance

One of the most important decisions in the car buying process is buying new or used. While a used car can be significantly cheaper, it also has a greater chance of developing problems too overtime. If you are unfortunate enough to have chosen a car that would have been better driving to the scrapheap, you could pay extortionate fees in correcting problems – just wait till its MOT day.

New cars don’t have to cost the earth. There are 3 main ways to finance a car. With the right car financing deal, you could stagger payments over a few years to make monthly payments realistic. Take Personal Contract Purchase (PCP) for instance. It offers lower monthly repayments than Hire Purchase and gives you greater flexibility at the end of the contract (you can start a new contract and drive a new car).

Shop around for insurance

Although insurance premiums have increased, it’s still recommended you shop around for the best price. There are a plethora of car insurance comparison sites (you’ll no doubt have seen the adverts) to try. Remember not all companies provide quotes on comparison sites and you’ll have to go to them directly.

Build up no claims bonus

It may be worth building up a history of no claims bonus – even if it just one year. A number of insurance companies allow you to collect no claims bonus whilst driving a family member’s car. The no claims discount you have can make a difference in the future. Whether a family member will let you drive their car is a different story!

Telematics/Black box

If you really are a good driver and want to prove it, fit a black box to your car. This clever piece of kit monitors your driving skills such as acceleration, braking and speed to name a few. The information is then sent to the insurance company who will use it to decide how much discount you can receive (that is if you are a good driver!).

Save on petrol

Those young enough to remember will be shocked to learn the price of a litre of petrol was less than a pound! Those days are gone and we are left with one of the highest prices for fuel in Europe. There isn’t a whole lot you can do to save on petrol, but a culmination of a few handy hints could make your petrol go further.

Driving slower and revving the engine less will help to avoid wasting petrol. Have a smartphone? There are a number of apps which help you locate the cheapest petrol station while others allow you to store details of your fuel use. Look out for supermarket offers and coupons that give you discount at their petrol station for shopping with them.