Five of the best ways to lower your insurance

Our first tip might be obvious and something you already know about, but it's important to understand the pros and cons of doing so. The pro to increasing your voluntary excess is that it will result in lower cost car insurance, because you are shouldering a greater proportion of the risk. The con to increasing your excess is that if you do crash, you will need to find a significant amount of cash.

If you choose to have no voluntary excess or you choose a low amount, such as £100, your premium will be higher. It's important when choosing whether or not to increase your voluntary excess to work out whether it will be best to potentially pay out more money or immediately have cheaper insurance.