TORONTO--August 14, 2013: Hitting the open highway for a cross-province road trip may not be as cost effective as frugal travelers think. Price gouging gas stations, sky high insurance premiums and unexpected vehicle wear and tear can put any vacationer's wallet to work.
“As transportation accounts for over 20 per cent of the average annual household income*, our aim is to provide drivers with ways to minimize the financial impact of their everyday purchases at the pump”
According to RateSupermarket.ca, Canada's comprehensive rate comparison site, there are significant savings for drivers who take a savvy approach to their payments at the pump - $92.21 over the course of a year.
This savings strategy is illustrated, along with additional frugal fuel tips, within the site's Cost of Gas study.
"As transportation accounts for over 20 per cent of the average annual household income*, our aim is to provide drivers with ways to minimize the financial impact of their everyday purchases at the pump," said Penelope Graham, spokesperson for RateSupermarket.ca. "Consumers who are aware of their payment options have greater opportunity to save on their driving costs."
The top tips for fuel savings:
- Pick the right plastic for the pump. RateSupermarket.ca found potential gas savings of $92.21 when using one of the top cash back rewards credit cards for everyday gas purchases.
- Compare your car insurance rate yearly. Maintaining a good driving record, keeping your car in top shape or even upgrading to a safer vehicle may entitle drivers to a lower premium.
- Don't be a speed demon. Driving even 20 km over the speed limit can lead to spending 20 per cent more on fuel costs.
*Statistics Canada The Daily: Survey of Household Spending 2011