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Monthly car insurance payments could ease financial strain

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The cost of insuring a family car these days can be a significant drain on finances, but opting for monthly instalments could help relieve some of the pressure.

This is according to moneysupermarket.com, which pointed out that paying monthly might only work out 5.34 per cent more expensive than doing so on an annual basis.

"Paying it monthly in smaller, more manageable amounts is a good way of making your insurance easier to afford," explained car insurance expert at the website Pete Harrison.

However, in order to secure the deal, people will need to shop around for the best bargains rather than settling for the first policy they come across.

On average, moneysupermarket.com found that an additional 10.75 per cent is added on to the cost of the original premium for monthly insurance, unless motorists are savvy and look elsewhere.

Mr Harrison urged anyone signing up for a new policy to make sure they are aware of any additional costs that may be involved.

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