Car insurance news
Car insurance firm reveal cost of motoring
According to new research from motor insurance firm Direct Line, running a car nowadays costs 56% more than it did 20 years ago.
On average, the cost of owning and maintaining a car is now £511 a month, an enormous rise when compared to two decades ago. This jump is significantly more than the average increase in household income, and also higher than the rate of inflation.
During the course of their investigation, the car insurance company discovered that some of the high costs of running a car are due to the fact that a quarter of car buyers simply accept the finance deal offered to them by their motor dealer. Not attempting to knock down the terms or find another method of payment can cost, according to Direct Line, each individual an average of £1,753 extra.
Despite the enormous costs of running a vehicle, a massive 78% of Brits own a car and spend a collective sum of more than £90billion to keep them on the road every year.
But it's not all bad news. The internet revolution has seen a massive increase in the number of businesses who use the web to sell motor insurance. With lower overheads, and able to target specific audiences, these firms can now offer fantastically cheap car insurance deals that would have been impossible several years ago.
Rebecca Pearson, spokeswoman for Duck2Water Car Insurance Services, said, "To be honest, dealing with an online company is the only sensible way to buy your policy. You'll be guaranteed cheap car insurance at a far better price than the high street sellers could ever offer you."