Car insurance rates have gone up by more than 15 per cent, the AA recently announced.
The motoring organisation and provider of discount car insurance quotes also said that, according to their research data, middle-aged or younger motorists experienced the worst of the rate hikes. As a result many drivers in these two classes may be facing the possibility of selling their vehicles in order to save a substantial amount of cash – especially if motor car insurance is now too expensive to afford.
Many individuals considering such an option do need to find an alternative. For those within close proximity to public transport, this can be a relatively painless transition, but those far from any public transport links may feel they have little choice but to hire a car instead.
The best option, industry experts say, is to join a car club, as these clubs are much less expensive than keeping a car on the road. The typical annual membership fee is anywhere from £100 a year to £300 a year, along with an hourly rate of £5 upon hiring a car.
Experts say that joining such a club makes financial sense for motorists that typically spend less than 6,000 miles on the road every year, as it could be around £3,500 cheaper than having your own car.
However, for those who need to keep their cars, the best way to control costs is to shop around for the most affordable cover they can find. However, experts say that you need to take all aspects of a new quote into consideration, as sometimes purchasing insurance on the basis that it costs the least could prove a false economy if your new premium offers levels of cover less than you need or are accustomed to.