What Are The Cheapest Cars To Insure In The UK?
When purchasing a car, consumers carefully calculate what the entire purchase will cost them taking into account amounts like interest, admin fees and any other additional charges to ensure that their monthly repayments will be affordable.
However, they often forget to take into consideration how much their car insurance premium will cost them, over and above the car repayment, making the entire sum less affordable.
There are a number of factors that insurance providers take into account when determining a monthly insurance premium:
It should go without saying that the more expensive the car you buy, the higher your insurance premium will be, regardless of whether the car is new or previously owned. However, you may pay more for an older car in the same price range as a similar new vehicle because older vehicles carry a higher risk. Some insurance providers will go so far as to not offer insurance products for older vehicles, even if they are in pristine condition.
Insurance companies charge higher premiums for younger drivers as they are less experienced and are more likely to be in accident.
If you just take out liability insurance (to cover the 3rd party expenses in the event of an accident), your insurance will cost you less. A more comprehensive policy that covers your costs in an accident, theft, incidental damages, for additional drivers and a service or maintenance plan will cost you more.
Some cars are more attractive than others for criminals to attempt to steal increasing the risk factor carried by the insurance provider. These are normally new cars or secondhand vehicles that have not lost their value. Simply choosing an inexpensive new car that is well known for its reliability may not provide you with the cheapest insurance premium.
So which cars are actually the cheapest to insure and what makes the premiums so affordable? .
Cars are graded and grouped according to the above-mentioned factors. There are 50 different insurance groups with group 1 providing the cheapest insurance cover and group 50, the highest premiums. Currently, the cars listed in group 1 include:
Chevrolet Spark (2010-2015)
Citroen C1 (2005-2014)
Fiat Panda (2004-2011)
Hyundai i10 (2014 onwards)
Kia Rio (2011 onwards)
Seat Mii (2012 onwards)
Skoda Citigo (2012 onwards)
Vauxhall Corsa Hatchback (2006-2014)
Volkswagon Fox (2006-2012)
VolkswagonUp (2012 onwards)
Group 2 and 3 cars will also save you plenty of money on your insurance in the long run and all the cars in these groups have some features in common. They are:
- Cheap to maintain.
- and Efficient.
But just because a car falls in one of the lower insurance groups does not mean that you will get the best rate from just any insurer. Different insurers have their own measures of determining premiums and rates can vary significantly between different providers.
It is essential to source quotes for comparison from a number of different insurance companies in the UK. However, it is just as important to compare the level and extent of cover that you are likely to receive within relation to the quoted premium.