Car insurance – why you could be missing out on cheap option that flies under radar | Personal Finance | Finance

It’s becoming increasingly expensive to run a car. Between fuel prices and insurance, and the rising cost of repairs, many drivers probably feel there’s little wiggle room left in their budgets. While some costs are unavoidable, there are a surprising number of lesser-known ways to cut spending, and I spoke to a few experts this week to find out what they are. 

When it comes to insurance, timing matters more than you might realise. Tom Banks, car insurance expert at Go.Compare, told me that buying early is far cheaper. The company’s data shows that the average policy costs £337 when bought around 26 days before renewal, compared with £487 if purchased on the day cover starts.

Another easy-to-miss detail is annual mileage. Guessing too high can unnecessarily raise premiums. Mr Banks said: “Instead of guessing, check your last two MOT certificates. They show the total mileage roughly a year apart, helping you give a well-informed estimate.»

There are even more savings to be had when it comes to MOTs, servicing and repairs, says Matthew Sheeran from Money Wellness, an organisation commissioned by the Government’s Money and Pensions Service (MaPS). One particular tip that can fly under the radar is using council-run MOT centres.

He said: “Because many councils only carry out tests and don’t do repairs, they have no financial incentive to upsell extra work. They’re often overlooked but can be one of the most impartial and affordable places to get your car checked.”

Prices can vary widely between garages, so comparing local MOT costs online, using sites such as BookMyGarage, can also help you find cheaper options nearby.

Discount schemes are another area many overlook. Drivers aged 60 and over can access senior clubs such as ATS Euromaster’s Club 60, which offers reduced MOT and servicing prices. Mr Sheeran said: “It’s also worth asking independent garages directly if they offer pensioner or community discounts. Many do, but don’t always advertise them.”

NHS staff, emergency services workers and some public sector employees – and those who have retired from these professions – may qualify for deals through schemes like Blue Light or other key worker programmes.

For those it applies to, the Discounts for Teachers and Health Service Discount websites can unlock discounts of up to 40% off breakdown cover and 10% or tyres, MOTs and servicing at Kwik Fit. For petrol and diesel savings, use apps or websites such as PetrolPrices or Waze to find the cheapest fuel nearby.

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Plagued by a headache that no amount of water would shift, I dropped into my local Boots earlier this week to pick up some ibuprofen. I did my usual – picking up the own-brand packet, as this option always saves a few quid compared with its branded counterparts.

This time, though, the headache was bad enough to make me hesitate. Is there actually any difference? Are you getting the same quality despite the significant change in price tags?

At Boots, one packet of 16 own-brand 200mg ibuprofen tablets costs 55p. The equivalent pack of Nurofen was priced at £2 for what appeared to be the same product.

According to experts at the online pharmacy Chemist Click, there’s a simple way to check if they’re the same, and it comes down to a small code printed on the back of the packaging.

Superintendent pharmacist Abbas Kanani MRPharmS explained to me that every licensed medicine sold in the UK has a Product Licence (PL) number, which confirms it has been approved by the Medicines and Healthcare Products Regulatory Agency (MHRA) and is genuine.

This licence number – shown as PL, PLGB, or PLNI followed by a series of numbers – can usually be found on the side or the back of the box, or inside the patient leaflet.

Expanding on how to check these codes to avoid overspending on a branded product, Rebecca Routledge, a money-saving expert at Money Wellness, explained that if two medicines share the same licence number, it means they contain the same active ingredient in the same strength or formulation.

This means they work in exactly the same way.

She added: “It’s also worth remembering that different symptom labels, such as ‘sinus’, ‘cold and flu’ or ‘day and night’, don’t always mean a different medicine, so checking the ingredients and licence number can help you avoid paying extra for clever marketing.”