Motor insurance costs on some of the UK’s most popular models have jumped by more than £100 in the space of a year says new research.
The analysis from Compare The Market has found that the average premium cost £675 between the months of March and May this year, up from £575 in the same period last year.
Unsurprisingly insurers are blaming a host of factors for the price surge, with a shortage of spare parts, and a boom in the sale of second hand vehicles all contributing. Unfortunately the rise in premiums comes at a time when households are already battling the cost of living crisis and some analysts are suggesting this is having an impact as spiralling costs are forcing drivers off the road.
The report from comparethemarket.com found that for some of the country’s most popular models, premiums had been hit the hardest. A Ford Fiesta Zetec nows costs on average £129 more than this time last year, a Mini Cooper premium has jumped by £87, and a Fiat 500 Lounge has gone up by £57 year-on-year.
"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,” said Alex Hasty, director at comparethemarket.com.
"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.
"It is a good idea to shop around and see if you can get a better deal each time your policy comes up for renewal."