One in three UK drivers fear insurance costs will | Tech News
A regarding new research has discovered that a third of motorists have issues that they may very well be priced off the highway due to the hefty value of car insurance.
While the value of car insurance is slowly falling, the obligatory invoice continues to be sometimes essentially the most expensive motoring expense drivers face by a vital margin.
Ian Wilson, managing director on the car insurance comparability service Tiger.co.uk urged that the the high value of cowl may trigger many to assume twice about proudly owning a car.
He defined: “Motorists have been hammered by the accelerating cost of car insurance over recent years, leaving many people with no choice but to give up on driving completely, as they are being priced out of the market.
“While the average value of car insurance in the UK has began to lower barely – a trend which will hopefully proceed all through 2025 – the truth is that premiums presently stay considerably increased than they have been simply a few short years in the past. When coupled with the hovering costs of operating a car akin to highway tax, repairs and servicing, many drivers are being stretched to the restrict financially.”
Despite a recent drop in prices, Tiger.co.uk noted that the cost of car insurance skyrocketed by 82 percent between May 2021 and June 2024, with drivers paying an average of £769.
According to a survey from the company, 69 percent of Brits stated that they have been forced to change their driving habits in a bid to lower the cost of insurance.
The changes made by the increasing number of frustrated motorists include reducing their mileage, only using their car for social journeys rather than commuting, or only owning one vehicle for the whole family.
Nevertheless, Ian highlighted that many motorists are aware of simple tips that can be used to help reduce the cost of future car insurance premiums.
He advised: “Additional financial savings may be made by enhancing the security of the vehicle by including a tracker, sprint cam or immobiliser, or by parking the vehicle in the storage or driveway in a single day.
“By following these tips, drivers can start to find some real savings that will help make the cost of car insurance more manageable.”
According to Tiger.co.uk’s survey, 80 % of motorists now store round for the best offers utilizing a price comparability service earlier than they select a supplier.
More than three-quarters of drivers additionally keep away from letting their present insurance supplier renew, and plenty of firms offer more enticing costs to tempt prospects presently with one other company.
The company urged that motorists must also look into enhancing the security of their vehicle, akin to by becoming a monitoring machine or parking it on a driveway in a single day, which may additionally play a essential position in conserving insurance costs down.
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