A new survey has revealed that maintaining and repairing the average car has now surpassed the cost of the average fully comprehensive car insurance policy. Rising Vehicle Excise Duty (road tax), road tolls, congestion charges and the cost of repairs has made vehicle ownership more expensive than ever. However, researchers from whocanfixmycar.com have discovered that for the first time during the firm’s history servicing, maintenance and repair costs outweigh the average insurance premium.
According to the study, the average fully-comprehensive policy comes in at around (USD $)533 in the fourth quarter of last year. Meanwhile, the average Servicing, Maintenance and Repair (SMR) cost per vehicle totalled (USD $)554. Despite this, competition in the insurance market is surprisingly driving premiums down. According to the AA’s quarterly British Insurance Premium index, the average price of (USD $)533 is down from (USD $)663 two years ago. A crackdown on fake car insurance claims, along with the popularity of online price comparison websites is ensuring that customers are getting the best deal possible.
On the other hand, the SMR market value is now growing by 2.2% a year, according to the survey. There are many factors that are said to be contributing to this rise, such as customers who are holding onto their cars for longer due to the rise of living costs. Vehicles are often older, so require much more expensive and regular maintenance work. Another factor is a relative lack of garages who have the technical ability to repair cars.
The best way forward would be to acquire the cheapest insurance possible. This way, you’re left with enough money to shop around when it comes to the regular maintenance and repair of your vehicle. It’s smart to set yourself up from the start, rather than settle for what you can find and skimp on the work of comparing prices for the best deal possible.
Are you looking to switch cover or for cheap car insurance in general? Want to make sure that after getting cover you have enough money left to keep your car in good condition? Visit us at www.alternativeinsurancebrokers.com where we will try to find you a cheap policy that suits your needs exactly.