Drivers of all ages are paying record amounts in car insurance premiums. And the Association of British Insurers (ABI) has warned there is no end in sight for the high cost of cover.
The reason for these spiralling prices is a cocktail of external factors. Here we look at why the cost of cover is going up, show where premiums are spent, and point the way to how drivers can save money on their motor insurance.
What’s the average price of UK car insurance?
For many drivers, the easiest way to travel to the airport for a holiday is to take the car. It’s often cheaper than taking a taxi. And with family and luggage to carry, it can be less stressful than the train or coach.
Thanks to the boom in valet parking, driving lets you pull up conveniently outside departures. You can then unload and hand over the car for safe keeping at an on- or off-site location.
But with the summer holidays fast approaching, how do you tell if an airport valet parking operator is safe, secure and properly insured? Here’s what to look for.
If you’re unsure how many miles you drive each year, you’re not alone. More than a quarter of drivers could be guessing how far they drive and it may cost them dear, according to a survey.
The findings mean millions of drivers could be paying too much for their car insurance or, more worryingly, may be at risk of invalidating their policy.
The survey of 2,000 drivers highlighted how 27 per cent of Britain’s motorists ‘guesstimate’ how far they drive each year. It was conducted by uSwitch.
Why is it important to submit an accurate annual mileage to insurers?
Buyers are urged to buy only EuroNCAP five-star cars such as the Volvo XC90
Drivers can’t do anything about lowering the cost of fuel, but they can drive more economically to save money. And so it is with car insurance: by law, we must all be insured, but there are proactive steps drivers can take to reduce the cost of cover significantly. That is good news, because insuring the car is estimated to make up around 15 per cent of an average driver’s yearly running costs, according to CAP Automotive, the vehicle valuation experts. Here are a dozen top tips to follow which can help reduce your insurance premium.
Limit your mileage