(If you want to dramatically cut back on what you pay for insurance, buy a used car. Click here to read 'Smart money buys used'.)

Did you know that your car premiums will be higher if your car is black or white?

Buying another colour is just one way in which you can lower your monthly payments, but what else can you do?

Here are eight tips on how to lower your vehicle premiums from the Lion of Africa Insurance Company:

1. Name the designated drivers on your policy. However, it is then important that you don?t allow anyone else to drive the car as there will be no cover in the event of a claim that resulted from a driver that was not named on the policy.

2. Increase your voluntary excess.

3. Attend recognised defensive driving courses.

4. It?s obvious that your premium is based on the value of your vehicle. You can restrict premiums, however, by insisting on an agreed value for the vehicle. This is easier to do with older cars (read 'Smart money buys used'), but even with a newer car the value drops 20 percent the minute you drive off the showroom floor so if you don?t owe a finance house money for the car, agree on the sum insured.

5. Fit a tracking device. Most insurers will give a discount.

6. Park the car in a locked up garage at night. You can get the premium reduced as opposed to parking it in the street.

7. Believe it or not, the colour of cars affects claims. Some colours, like red and black, present a higher collision risk. Buy other colours to get lower premiums. White is a higher theft risk as it?s easier to respray quickly.

8. Premiums are based on the claims history of both the insurers and the insured. It is therefore useful to provide a claims history from previous insurers; don?t just expect the insurer to take your word for it.