GMB panellist defends second cars amid environmental debate
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The yearly cost of insuring the ten most popular models of car has leapt by £100 on average, according to new figures from a price comparison site.
Comparethemarket.com said drivers typically paid a premium of £675 for their annual insurance between March and May this year – up from £575 in the same three months in 2021.
It said the surging value of second-hand cars and spare parts was to blame, with the supply chain disruption the global motor industry has seen putting a severe dent in the production of new vehicles too.
Rising premiums mean yet another squeeze on family budgets, with fuel prices still at record levels, reported Sky News.
Motoring groups have already reported that the surge in costs has forced drivers off the road with thousands giving up their cars.
The rate of inflation is at its highest level in 40 years at 9.1 percent and could well go higher, past 11 percent in the autumn according to the Bank of England.
Comparethemarket.com warned that the drivers of the most popular, often smaller, cars were facing up to the cost of motoring becoming “increasingly unaffordable”.
It said, based on its own figures, that the most popular car to insure between March and May was the Ford Fiesta Zetec.
The report said: “An annual premium for a Ford Fiesta Zetec now costs an average of £785 to insure – £129 more than during the same period in 2021.
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“A Mini Cooper typically costs £617 per year to insure, rising by £87 from 2021.
“The average premium for a Fiat 500 Lounge has also increased by £57 year-on-year.
“Insurance for a Fiat 500 Lounge costs an average of £521 – making it the cheapest car to insure out of the ten most popular.”
Comparethemarket.com director, Alex Hasty, said: “Insurers use many factors to calculate car insurance premiums, based on the individual and their driving, as well as the make and model of the vehicle.
“Normally, the bigger the engine your car has, the higher the insurance premium.
“Alarms, immobilisers, or other built-in security features can bring down the cost of insurance by making a car more difficult to steal.
“It is a good idea to shop around and see if you can get a better deal each time your policy comes up for renewal.”
However, high petrol and diesel prices are making the UK’s roads safer, according to a recent analysis.
This is because drivers are now forced to change driving habits to save fuel.
According to recent research commissioned by the UK’s largest independent road safety charity, IAM RoadSmart, millions of motorists have changed their driving habits for the better amid the fuel crisis.
The charity surveyed over 1,000 motorists – some 72 percent stated that they had changed how they travel due to the rising costs.
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