Comprethemarket.com warns that rising car insurance premiums are making driving “increasingly unaffordable” for drivers.
The average cost of insurance for the ten most popular car models has increased by £100, according to a price comparison website.
Comparethemarket.com reported that between March and May of this year, the average annual insurance premium was £675, up from £575 during the same period in 2021.
It blamed the rising value of used vehicles and spare parts on supply chain disruptions in the global automotive industry, which have also severely impacted the production of new vehicles.
Increasing premiums exacerbate the cost of living strain on family budgets, as fuel prices continue to hover near record highs.
Motoring organizations have already reported that the increase in prices has forced drivers off the road, as they also face unprecedented increases in their gas and electricity bills, as well as higher food prices.
Inflation is at its highest level in forty years, 9.1 percent, and is expected to surpass 11 percent in the fall, according to Bank of England projections.
Comparethemarket.com warned that the cost of motoring was becoming “increasingly unaffordable” for drivers of the most popular, frequently smaller cars.
According to its data, the Ford Fiesta Zetec was the most popular vehicle to insure between March and May.
The average annual premium for insuring a Ford Fiesta Zetec is now £785, which is £129 more than during the same period in 2021.
According to the report, the Mini Cooper and Fiat 500 Lounge were the second and third most popular models to ensure, respectively.
“Insurance for a Mini Cooper typically costs £617 per year and will increase by £87 by 2021.”
Additionally, the average premium for a Fiat 500 Lounge has increased by £57 annually. The average cost of insurance for a Fiat 500 Lounge is £521, making it the least expensive of the ten most popular vehicles.
Alex Hasty, director of Comparethemarket.com, said, “Insurers use a variety of factors to calculate car insurance premiums, including the driver and the make and model of the vehicle.
“Typically, the larger a vehicle’s engine, the higher its insurance premium. By making it more difficult to steal a vehicle, alarms, immobilizers, and other security features can reduce auto insurance premiums.
When your insurance policy is up for renewal, it is a good idea to shop around to see if you can find a better deal.
