Car insurance prices are constantly fluctuating and still remain as one of the biggest expenditures motorists have to pay out annually.
Drivers are regularly encouraged to shop around to be able to find the best deal and not stick with the same insurer every year.
This typically can significantly reduce the overall cost of your cover and slash hundreds off your bill.
However, opting for the cheapest premium you find could in some circumstances actually cost you more in the long run.
One way you can reduce the annual payment for your car insurance is by opting for a larger excess.
This can see the price of your cover drop but could cost you more over time, if you were to have an accident.
The excess is the amount of money you would have to pay when you make a claim on your car insurance.
More expensive premiums will tend to have lower excesses while cheaper policy cover tends to have a higher one.
If you have to make a claim while covered by that premium it could cost you more than if you'd have paid for a more expensive policy with a lower excess.
Matt Oliver, from GoCompare car insurance, explained to Express.co.uk how this is the case.
He said: “While higher excesses generally result in lower premiums, choosing to pay a higher excess is often down to personal preference.
“Insurance can be one of those things we buy, hoping we’ll never have to use it – so many people are happy to pay a higher excess and take this chance, with the view of hopefully never having to claim.
“However, what people have to weigh up is the affordability of having a higher voluntary excess.
“For example, while you may be saving £100 on the initial premium, could you afford to pay £500 of voluntary excess, with compulsory excess on top of this?
“It’s also worth remembering that if you’re a young or inexperienced driver, your compulsory excess may be higher than a more experienced driver, as you are deemed a higher risk.”