According to analysis from a price comparison website, the average cost of insurance for the 10 most popular car models has increased by £100.
Comparethemarket.com says drivers typically pay a premium of £675 for their annual insurance from March to May this year – up from £575 in the same three months in 2021.
It blamed the skyrocketing value of used cars and spare parts, as supply chain disruptions that the global engine industry has seen, have caused new vehicle production to also plummet. important.
Rising insurance premiums add to the cost of living on family budgets, with fuel prices still fluctuating at record levels.
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Athlete groups have reported that the increase in costs has forced motorists to ditch the roads as they also struggle with household electricity and gas bills along with higher food prices.
The inflation rate is at the highest level in 40 years at 9.1% and trending higher, past 11% in autumn according to the Bank of England forecast.
Comparethemarket.com warns that drivers of the most popular cars, which are often smaller, are facing increasingly “unaffordable” transportation costs.
Based on its own figures, the automaker says the most popular car to insure between March and May is the Ford Fiesta Zetec.
The annual premium for a Ford Fiesta Zetec now costs an average of £785 – £129 more than in the same period in 2021, the report said.
The Mini Cooper and Fiat 500 Lounge are the second and third most popular models covered, respectively.
“A Mini Cooper typically costs £617 per year to insure, up £87 from 2021.
“Average premium for a Fiat 500 Lounge has also increased by £57 compared to the same period last year. Insurance for a Fiat 500 Lounge costs an average of £521 – making it the cheapest car insured of the bunch. ten most popular vehicles.”
Comparethemarket.com director Alex Hasty said: “Insurs companies use a variety of factors to calculate car insurance premiums, based on the individual and their driver, as well as the product and make of the car. car.
“Typically, the larger the engine your car has, the higher the premium. Alarms, immobilizers, or other built-in security features can reduce insurance costs by making it harder for the vehicle to be stolen. than.
“You should shop around and see if you can get a better deal every time your policy renews.”
