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Our analysis of 2.5 million car insurance policies from MoneySuperMarket suggests that 19 million UK low-mileage drivers (those who drive less than 7,134 miles per year) are at risk of over-insuring.
Car Insurance Bands Uk
Drivers who report between 5,000 and 6,000 miles a year earn an average of £233 more than those who drive 11,000 miles a year.
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Car insurance is a simple concept. You pay your insurance every year and you are protected if the worst happens. The price you pay for insurance depends on how likely your insurer is to make a claim. The lower the risk you pose (for example, because of your heavy driving history), the lower your insurance costs. That’s right.
Your insurer looks at several factors to determine your risk, one of which is how much time you spend on the road. Unfortunately, if you stop and don’t drive, you won’t get into an accident. Therefore, drivers with lower mileage should have cheaper car insurance coverage, right? Wrong. Unfortunately, evidence shows that the premiums paid to low-quality drivers are used to subsidize premiums for high-quality drivers. This is not fair.
We’ve analyzed nearly 2.5 million car insurance quotes on comparison site MoneySuperMarket. We found that lower mileage drivers (drivers who say they drive less than the national average) can pay up to £389.
According to the latest figures from the Department for Transport, the average UK car drives 7,134 miles per year, meaning (according to our calculations) up to 19 million drivers are at risk of tolling. their car insurance.
Understanding Car Insurance Groups
Therefore, in 2018, we introduced a mileage-based payment policy. We thought it was about time we rewarded our less experienced drivers with smart and fair car insurance. This is now possible because, unlike many traditional insurance providers, we can accurately measure the miles driven by our members. We believe that if the car is small, you should pay less. It’s very simple.
“It’s in our DNA to help drivers find the best deal on their car insurance, so offering pay-per-mile insurance is a no-brainer.” We want to slow down the overworked low-level taxi drivers. If the car is small, you should pay less.
“It’s always important to shop around to get the best deal on car insurance. This includes researching new technologies that offer drivers more convenient ways to insure their vehicles.
Motorists have long believed that the cost of car insurance is tied to the number of kilometers traveled – and it is certain that the less they pay, the less they pay.
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This study shows the opposite, with the cheapest car insurance going to drivers who say they drive 11,000 to 12,000 miles a year.
Even the most experienced drivers are overtaxed, with 50-64 year olds driving 5,000 miles a year paying £100 more than those driving 11,000-12,000 miles.
Drivers who have reached 6-8 years without claiming a discount and drive 5,000-6,000 miles a year are still penalized £100 more than those who drive 10,000-11,000 miles a year.
“Obviously less experienced drivers should be paid more, but if someone has been behind the wheel for 20 years it doesn’t affect their ability to drive 3,000 or 10,000 miles a year.” . No-claims discounts show experience, but low-mileage drivers are still penalized.
How Does Car Insurance Work?
The no-claims discount applies to drivers for consecutive years that they have not claimed on the policy, and is therefore a good indicator of the driver’s experience and road safety.
Cheapest annual car insurance quotes for the year (indicated for 1 estimated 11,000-12,000 miles).
For most age groups (drivers 20-64), drivers who estimated they drove 11,000-12,000 miles per year received the cheapest rates, with the highest quotes from drivers estimated to drive more than 25,000 miles or less. 1,000 km. It’s amazing to see this effect even in older drivers who have years of extra driving experience.
Surprisingly, only drivers with the least driving experience or the most driving experience (17-19 and 65+) found cheaper deals for lower miles.
Why Are Low Mileage Drivers Charged More?
While 5,000-6,000 a year was the most common mileage cited in the analysis, the cheapest price was for 11,000-12,000, with drivers with lower mileage paying £232.59 more for car insurance .
The cheapest deals are generally for those estimated to drive 12,000 miles a year, more than 50% more than the UK average.
The most frequently reported annual mileage was 5,000-6,000 years (19%), while drivers aged 30-39 ranked highest in the age group (23% of all claims).
3) The prices shown are the cheapest auto insurance premiums for each age group and each year.
Car Insurance Groups
Note. In all cases, whether called “average price”, “average price” or otherwise, the price shown in this report is the value of the cheapest auto insurance price returned for that category. this year and every year.
1) The data is based on quotes from 2,466,055 car insurance company customers on MoneySuperMarket between 1 July 2018 and 30 September 2018. The prices shown are the average price of cheapest auto insurance repaid for each age group and annual mileage of the group. Source
2) According to the Department for Transport, there were 31.6 million registered vehicles in the UK in September 2018. Source
3) 8,755,173 out of 14,503,248 vehicles traveled less than 7,134 miles per year (60.4% of all UK vehicles). According to the latest figures from the Department for Transport, the average distance driven in the UK in 2017 was 7,134 miles per year. Vehicles less than three years old are not included in the MOT database. Source
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4) 60.4% of the 31,600,000 vehicles are 19,086,400 vehicles. That means 19 million drivers are at risk of overpaying for their car insurance, according to the data analysis above. Source
Bi Miles is a UK startup offering car insurance for those who drive less than 7,000 miles a year. Drivers pay a small fee up front for an annual policy and then pay at the end of the month per mile. This allows many drivers to reduce their bills if they use their car for frequent short trips or on weekends.
As of January 31, 2019, we have a Trustpilot rating of 9.7 and a Defacto top 5 star rating. Bee Miles is authorized and regulated by the Financial Conduct Authority.
MoneySuperMarket is the UK’s leading price comparison website. They offer free online tools to help people manage, save and grow their money, enabling them to compare and switch insurance, finance and home service products from over 980 providers across 44 channels different.
Uk Car Insurance Is A Joke.
MoneiSuperMarket is part of Moneisupermarket Group PLC, a member of the FTSE 250 index. In 2017, they helped nearly eight million families save nearly $2 billion on their household bills, including five million people who saved on their insurance, two million of whom got a better deal for their money and over half a million households switched to electricity. . supplier.
Moneisupermarket.com Limited is an appointed representative of Moneisupermarket.com Financial Group Limited, which is authorized and regulated by the Financial Conduct Authority (FCA FRN 303190) for insurance, loans and credit products for the customer. For energy companies, MoneySuperMarket is accredited by Ofgem Trust. By 2024, car insurance will be more expensive than ever. This is why finding the cheapest car insurance for you is more important than ever. Car insurance is compulsory in the UK. No one can drive their car on public roads without insurance. If you do, you can be fined heavily. In some cases, you may lose your car. The only time you may not have car insurance is if it is declared outside of you.
This means that it is not used and therefore not safe. There are many car insurance companies to choose from and they all have different insurance policies, from the most expensive to the cheapest. The cheapest car insurance prices range from £281 to £333 a year. Different factors affect each individual’s offer. It is important to compare insurance quotes from different companies before accepting one.
The biggest advantage of getting cheaper car insurance is
