With many motorists looking to cut costs in the current economic climate, Admiral Insurance has revealed the cheapest cars to insure across different vehicle categories. Admiral’s car insurance pricing index analyses prices from its motor customers each month and has revealed the cheapest electric cars, ‘most popular’ models and family cars to insure based on average premium paid last month*. It also looked at the most affordable cars for 17-year-olds to insure.
MG MG4 tops list of cheapest electric car to insure
For drivers opting for an electric vehicle, the MG MG4 is the cheapest model to insure, with an average premium of £509.60 in October. At the other end of the scale, the Tesla Model-Y is the most expensive EV to cover with the average premium coming in at £1,228.21.
Nissan Qashqai is the cheapest ‘popular car’ to insure
When considering the ten most commonly driven vehicles in the UK, the Nissan Qashqai came out on top as most affordable to insure, while BMW 1 Series drivers have the highest average premiums in the top ten most popular models.
Ford Puma is the cheapest family car to insure
The Ford Puma tops the list of cheapest family cars to insure with an average premium of £385.94.
Does age matter?
When it comes to insurance premiums, the answer is yes. In fact, Admiral’s data revealed the youngest drivers have the highest premiums across all age groups, with the average premium for 17-18 year olds coming in at £1,207.73. This is 68% more than the national average of £719.68, and more than double the average premium of £594.11 for over 65s.
Clare Egan, Head of Motor Product at Admiral said: “You may wonder why your insurance is higher than a neighbour with a similar car, but when we price for car insurance, there are lots of factors taken into consideration to calculate a premium based on the risk someone presents to us. These don’t work in isolation but are assessed together to work out the likelihood of the customer making a claim in future. As a result, prices will vary from customer to customer.
“Age is one of these pricing factors and it can be expensive for a young person to get on the road as our index shows. Younger drivers pay more for their insurance because they are more likely to have an accident than older drivers, and the accidents they have are more expensive.
“Whether you’re looking to buy a family car or smaller run-around, it’s useful to understand how much you might be spending on average on your annual insurance premium before buying a new car. Our insurance pricing index can help give you an idea of the average cost to insure some of the most popular makes and models.”
“There are things that you can do to help keep premiums down, such as considering the type of car you drive, being accurate with your mileage, increasing your excess and paying annually. One of the most effective methods for lowering insurance costs for young drivers is telematics or black box insurance. These small devices measure how you drive and reward safe drivers with discounted insurance.”
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