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Hardly a day goes by without another item in the news about rising oil prices and the knock on effect on the price of petrol. Drivers are feeling the credit crunch severely, and there are no signs that the oil prices will drop back to more reasonable levels in the near future. However, there are many simple steps that all motorists, whether they drive a car, motorbike or a van, can take to try to reduce their motoring costs.

When filling up your tank with fuel, take time to shop around to see which outlet locally sells the cheapest fuel. If all are selling at the same prices, consider using one of the retailers which offers some sort of loyalty scheme. Another money maximizing tactic is to take out a money back credit card and use that to pay for your fuel. It won’t cut fuel costs directly but will get you a little back in vouchers or cash back. Several supermarkets offer deals whereby if you spend a certain amount in store, they will give you a voucher worth up to 5p off a litre of petrol and this can make a considerable difference to the cost of filling up.

When out and about in your vehicle, try to drive steadily and avoid any sudden acceleration or braking. This will help maximize your fuel efficiency and will get you more miles per gallon. Cutting your average speed by a small amount can also improve fuel consumption. If at all practical, ditch the car or bike altogether for shorter journeys and consider either walking or cycling. Many companies are now offering incentives for car sharing and by offering a colleague a lift to work every day you can slash your weekly cost for petrol by half.

Insurance is a compulsory cost for all motorists and shopping around when renewing your policy can ensure you get the best price for your policy. Many finance companies will give discounts if taking several classes of insurance together, so consider asking your home or travel provider if they will give a discount for placing vehicle insurance with them also. Many insurers are now doing multi vehicle policies, so if you have more than one car or bike in the house you can take out a multi bike insurance policy or one which covers more than one car, which often works out cheaper than insuring them all individually. For specialist or unusual insurance cases, such as a multi bike insurance policy covering racing or classic bikes, it is always best to approach a broker who is an expert in the field and will be able to approach all of the specialist insurers.