Running a car is more expensive than ever, so it's really important to keep your costs down. If you haven't bought outright, then you'll have to budget for your monthly finance payments; then there's fuel or charging,However, one of the biggest costs is insurance, and premiums are soaring. The cost of car insurance has surged by 46% in a year adding £292 to the average annual cost.
Adding an additional driver to your policy, such as your partner, could also lower your premium. However, adding young or inexperienced drivers would probably increase it.There are various reasons why the cost of insuring a car has soared over the past year especially. There's also an argument that today's sophisticated cars are helping to fuel insurance price hikes because their repair costs are higher. A simple bumper replacement now involves the replacement of expensive sensors for everything from parking to autonomous emergency braking .There is growing evidence that drivers of electric vehicles are being charged more to insure their cars than owners of conventional cars with petrol and diesel engines.
The amount of money varies for each insurer, but the more consecutive years you go without making a claim, the greater the discount you might get.Cars are placed in insurance groups, also known as insurance bands, to help calculate the cost of insurance policies. Broadly speaking, the lower the number, the cheaper a vehicle is to insure.
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