Car insurance costs fall in time for the great bank holiday getaway
Nearly 18m getaway trips by car will be made this August bank holiday, according to the RAC, as drivers in England and Wales make the most of the last long weekend this summer.
Many motorists have been driven to despair by soaring insurance premiums and steep petrol prices in recent years, but at long last it appears that the cost of taking to the road is finally easing.
Between April and June this year, the average car insurance premium fell to £414, according to Go.Compare car insurance - the lowest it's been since early 2023.
Most of us would expect the most basic level of cover to be the cheapest, but the comparison site’s analysis found that the average cost of third party only (TPO) insurance was £549 in the second quarter of the year. This is considerably more expensive than both third party, fire and theft cover and the highest level of cover, comprehensive cover, with average annual costs of £423 and £413 respectively.
Tom Banks, car insurance spokesperson for Go. Compare , said: “It’s great to see that car insurance prices have dropped – and while there has been some fluctuation in recent months, the general trend appears to be downward, which will be good news for motorists.
“Insurance is a significant cost for anyone with a car, so trying to get a good deal and not overpaying for your cover is really important – no one wants to pay more for their insurance than they have to.”
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Here, we look at some of the ways you might be able to further drive down motoring costs.
- FIND THE CHEAPEST FUEL
The cost of filling a 55-litre family car currently stands at £74.26 for unleaded and at £78.57 for diesel, according to the RAC, with fuel prices having risen for the second consecutive month in July.
If you’re planning a long trip this weekend, it’s well worth using the price comparison website www.petrolprices.com to find the cheapest fuel where you live. The site allows you to search for the cheapest petrol in your area quickly and, if you want to, receive regular e-mail alerts so you’ll always be the first to know when the prices change. All major service stations are covered including BP, Shell and Texaco as well as smaller chains and hundreds of independent stations.
- INCREASE YOUR INSURANCE EXCESS
Aside from shopping around for cover, one way to reduce your insurance premiums is to increase your excess, which is the portion of any claim that you must pay yourself. However, if you are going to do this, make sure you don’t increase it so much that you wouldn’t be able to afford the cost in the event of a claim.
- PROTECT YOUR CAR
Fitting an immobiliser, alarm system, and other security devices to your car can reduce the cost of your insurance premiums as your car will be less at risk of theft. Premiums also tend to reduce when cars are parked off the street, so if you have access to a garage, it’s a good idea to keep your car in it when you’re not using it.
- DON’T MODIFY YOUR MOTOR
Avoid modifying your car in any way, as this can add to your insurance costs. That’s because adding to the value of your car though things like alloy wheels or expensive stereos can make your vehicle more of a target for thieves.
- GET EXTRA QUALIFICATIONS
Drivers can reduce their premiums – and make themselves safer drivers – by taking the Pass Plus driving course. The scheme, which takes a minimum of six hours, and involves your driving skills being continually assessed, typically costs from around £150-£250, but might reduce your premiums by 15% to 25%, depending on which insurer you choose. The course can be taken at any time although it’s likely to be most useful to new drivers in the year after passing their test. Visit GOV.UK for more information.
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