Car insurance rises by £100 for most popular models
Increases are putting extra strain on household budgets.
The average cost of insurance for ten of the most popular car models in the UK has increased by £100 year-on-year, according to new research.
Data from comparison site comparethemarket has found that drivers of one of the most popular cars typically paid £675 for their car insurance between March and May this year – up from £575 during the same period in 2021.
The research shows that the most popular car to insure between the March and May period in 2022 was the Ford Fiesta Zetec, which now has an annual premium of £785 – £129 more than the during the same period in 2021.
The Mini Cooper and Fiat 500 Lounge are the second and third most popular cars respectively, bringing respective annual premiums of £617 and £521. These compare with 2021 premiums of £530 and £464 respectively.
Alex Hasty, director at comparethemarket.com, said: “Car insurance is usually one of the most expensive running costs for drivers, so the increase in premiums will be unwelcome, particularly in the current climate when household finances are being squeezed significantly. 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.”
Drivers looking to lower the running costs could see the benefit of switching to a car that is cheaper to insure. For instance, motorists could save an average of £361 per year on their premiums by opting for a Fiat 500 Lounge instead of a Vauxhall Corsa SXi.
