Drivers of car owned by 800,000 motorists face car insurance hike

Drivers of a car owned by 800,000 motorists face a car insurance hike. New research has found that owners of Ferrari sports cars are paying less for their car insurance than owners of Skoda vehicles as drivers deal with expensive annual costs.

Kevin Ryan, BI Senior Industry Analyst (Insurance), broke down the data which could impact thousands of individuals. He commented: "This October, our analysis shows a Aston Martin DB9, worth £75,000 and parked on the street, can be insured by a 50-year-old living in central London for as little as £960 a year (down 34 per cent year-over-year and 9 per cent since July)," according to Confused.com.

"Insuring a similarly valued Ferrari costs £653 (down 51 per cent year-over-year), a McLaren costs just £959 (down 32 per cent year-over-year). A Skoda Yeti, worth £10,000, can be insured for as little as £381 (average of 66 Confused.com quotes, £1,525), down 21 per cent since July."

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Analysis from Bloomberg Intelligence (BI) stated that while car insurance prices have fallen 13 per cent since 2024, many motorists are still dealing with expensive costs. Data shows that the cheapest Aston Martin premium of £960 would take 78 years to pay for the total £75,000 replacement cost.

In comparison, the cheapest Skoda premium of £381 would take 26 years to pay the vehicle's £10,000 price tag, making the Aston Martin cheaper to insure. According to Confused.com, the average cost of a car insurance premium is £861, with drivers recently seeing prices fall for the first time in almost three years.

Ryan added: "The average premium, which last peaked at £847 in Q2 2017 before the new Q4 2023 high of £995, has moved lower. The key issue is that premiums have struggled to revisit 2011's last absolute peak of £857, while the UK CPI transport maintenance and repairs costs index is up three per cent year-to-date (September data), 36 per cent since 2017."