The average cost of insuring the ten most popular models of car has leapt by £100, according to analysis from a price comparison site.
Comparethemarket.com said drivers typically paid a premium of £675 for their annual insurance between March and May this year – up from £575 in the same three months in 2021.
It blamed the surging value of second-hand cars and spare parts, given the supply chain disruption the global motor industry has seen that has put a severe dent in production of new vehicles too.
Rising premiums add to the cost of living squeeze on family budgets, with fuel prices still hovering at record levels.
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Motoring groups have already reported that the surge in costs has forced drivers off the road as they also grapple unprecedented hikes to household gas and electricity bills along with higher food prices.
The rate of inflation is at its highest level in 40 years at 9.1% and tipped to climb higher, past 11% in the autumn according to Bank of England forecasts.
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Comparethemarket.com warned that the drivers of the most popular, often smaller, cars were facing up to the cost of motoring becoming “increasingly unaffordable”.
It said, based on its own figures, that the most popular car to insure between March and May was the Ford Fiesta Zetec.
“An annual premium for a Ford Fiesta Zetec now costs an average of £785 to insure – £129 more than during the same period in 2021”, the report said.
The Mini Cooper and Fiat 500 Lounge were the second and third most popular models to insure respectively, it said.
“A Mini Cooper typically costs £617 per year to insure, rising by £87 from 2021.
“The average premium for a Fiat 500 Lounge has also increased by £57 year-on-year. Insurance for a Fiat 500 Lounge costs an average of £521 – making it the cheapest car to insure out of the ten most popular.”
Comparethemarket.com director, Alex Hasty, said: “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.
“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.”
