Motorists are spending more money on maintaining and repairing their car than they are insuring it, new research has revealed.
Figures released by whocanfixmycar.com showed that the average fully comprehensive insurance policy in Q4 of 2013 cost £533, whereas car servicing, maintenance and repairs (SMR) averaged £554. Increasing road tax and congestion charge fees, coupled with the more expensive cost of repairs, are cited as the main factors in the results.
For those who are performing the repairs, meanwhile, insurance costs will also be a critical business consideration; when looking for cheap motor trade insurance you can obtain online insurance quote quickly and easily from experts such as Bollington, although it is advisable to then speak to the brokers directly to ensure you get the right level of cover for you needs.
Indeed online price comparison services are one of the reasons why motorists are getting better deals on their policies, bringing the price below that of SMR costs.
The research also showed the SMR market is growing by 2.2 per cent year-on-year. This rise has been driven by the increasing number of old vehicles on the roads; these older models require more repair work, which often comes at a greater price.
WhoCanFixMyCar observed: “Ask a British motorist about the cost of keeping a car over the past few years, and you’ll quickly understand why running costs spark such debate: Fuel price increases, rising road tax, insurance, parking, road tolls and congestion charges all add up.
“So it’s of little surprise that we are keeping our cars for longer to keep costs down: the average car on UK roads is now 7.7 years old, up from 6.7 years old in 2004.”