Motorists in Cambridge, like many of their counterparts in other areas of the UK, are facing massive car insurance rate hikes of as much as 50 per cent – high enough to force a few to give up on motoring altogether.
Cheap car insurance in the UK is becoming harder and harder to find, according to recently published information from Sainsbury’s Finance. Even the cheapest car insurance quote will set motorist back an average of £3,090, which is more than 20 per cent higher than it was 12 months ago, the research findings revealed.
These exorbitant car insurance costs – when paired with eye-watering prices at the petrol pump – have led many motorists to wonder if they can afford to keep their cars at all. Young drivers have been especially hard hit, such as Cambridge’s Duncan Jones, who spent £500 on his 13 year old Ford Fiesta, only to find that the least expensive quote the 18 year old could find was for £3,100.
Young Duncan found the whole experience an annoyance. He had saved up some cash to pay for his insurance, he said, but after it turned out to be twice as much as he anticipated, he says he will instead sell his car and put the money to better use on something else.
Another 18 year old from Cambridge, Freddy Mutty, ended up paying £2,700 in order to insure his £800 Renault Clio, which is 11 years old. He was able to get a slightly more affordable rate by adding his parents as secondary drivers to the policy, which reflects their age and increased experience behind the wheel.
Young Freddy acknowledged that his rates were higher because of the statistical evidence that young male motorists are a higher insurance risk. However, he expressed frustration about being lumped in with those young motorists that were ‘running around having crashes.’