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Our analysis of 2.5 million car insurance quotes from MoneySuperMarket suggests that 19 million low mileage drivers in the UK (those who drive less than the UK average of 7,134 miles per year) are at risk of being overcharged for their car insurance.
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On average, motorists who drive between 5,000 and 6,000 miles a year are charged £233 more than those who drive 11,000 miles a year.
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Car insurance is very simple. You pay your premium every year, and you’ll be protected if the worst happens. The price you pay for your insurance depends on what your insurance adjuster thinks you claimed. The less risk you pose (for example, because of your driving history), the lower your insurance. This is good.
Your insurance company will consider a whole host of factors to determine your risk, one of which is the amount of time you spend on the road. It goes without saying that if you are parked and not driving, you are unlikely to get into an accident. So car insurance premiums should be cheaper for low-mileage drivers, right? This is not true. Unfortunately, evidence suggests that high-mileage driver insurance premiums are used to subsidize the insurance costs of long-mileage drivers. This is wrong.
We analyzed almost 2.5 million car insurance quotes from comparison site MoneySuperMarket. We’ve found that low-mileage drivers (drivers who drive less than the national average) can pay up to $389.
According to the latest Department for Transport data, the average UK car drives 7,134 miles a year, meaning up to 19 million drivers are at risk of toll increases. Their car insurance.
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That’s why we introduced the pay-per-mile policy in 2018. We thought low-mileage drivers would be rewarded with smart, good 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 when you drive less, you should pay less. It’s really very simple.
“Helping drivers get the best value for their car insurance is part of our DNA, so offering pay-per-mile insurance was a no-brainer. We wanted to put the brakes on low-mileage drivers. If you’re driving slower, you should pay less.
“It’s always important to shop around to make sure you’re getting the best deal on your car insurance. This now includes looking at new technologies that provide drivers with more flexible ways to insure their cars.”
For too long, drivers have believed that the price they pay for their car insurance is tied to the miles they drive – and it turns out that the less they drive, the less they pay.
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This analysis shows the opposite, with the lowest auto insurance rates for drivers who report driving 11,000-12,000 miles per year.
More experienced drivers are also paying the most, with people aged 50 to 64 paying an extra £100 to drive 11,000 to 12,000 miles.
Motorists who have had a no claims discount for 6-8 years and drive 5,000-6,000km a year still pay £100 more than those who drive 10,000-11,000 miles a year.
“It is reasonable to think that experienced drivers should charge more, but if someone has been driving for 20 years, whether they now drive 3,000 miles a year or 10,000 miles, it will have little impact on their driving skills.” The discount reflects the lack of experience claims, but drivers with low mileage will be penalized.
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Drivers do not get any claims discount in any consecutive years they have not claimed on the policy, so this is a good indicator of a driver’s record in terms of driving experience and road safety.
Chart of lowest annual car insurance rates (includes one estimate of 11,000 to 12,000 miles).
For most age groups (drivers ages 20 to 64), drivers have the lowest rates when they estimate driving between 11,000 and 12,000 miles per year, with the highest rates for drivers estimated at 25,000, more than 1,000 miles or less than 1,000 miles. It is surprising to see this effect even among older drivers, who usually have many years of driving experience.
Surprisingly, only drivers with little or no driving experience (17-19 and 65+) saw cheaper quotes for low mileage.
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While the most common mileage recorded in our analysis was between 5,000 and 6,000 miles per year, the most expensive prices were for miles between 11,000 and 12,000, with lower mileage drivers paying an extra £232.59 for their car insurance.
The cheapest prices are for those with an estimated annual mileage of 12,000 miles, which is 50% more than the UK average.
The most frequent annual mileage was 5,000-6,000 (19%), while most citations by age group were seen by drivers aged 30-39 (23% of all citations).
3) Prices shown are the average price of the lowest car insurance quote by age and annual mileage range.
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Note: In all cases, whether referred to as “average price,” “median price,” or otherwise, the prices shown in this report are the average price of the cheapest car insurance quote returned for those years and annual mileage range. .
2 sources
2) According to the Department for Transport, there are 31.6 million licensed cars in the UK as of September 2018. Source
3) 8,755,173 out of 14,503,248 cars are driven less than 7,134 kilometers per year (60.4% of all UK cars). According to the latest Department for Transport data, the UK average in 2017 was 7,134 miles per year. Cars less than three years old are excluded from MOT data. source
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4) 60.4% of 31,600,000 cars, 19,086,400 cars. This suggests that 19 million drivers are at risk of being overcharged for their car insurance, according to the above data analysis. source
By Miles is a UK startup that offers pay-as-you-go car insurance to people who drive less than 7,000 miles a year. Drivers pay a small amount up front for an annual policy and are billed at the end of each month for the miles they drive. This allows many drivers to lower their bills if they use their cars for short trips every day or on weekends.
As of January 31, 2019, we have a rating of 9.7 on Trustpilot and the highest rating of 5 stars from Defaqto. Miles is authorized and regulated by the Financial Conduct Authority.
MoneySuperMarket is the UK’s leading price comparison website. It allows people to compare and switch insurance, financial and home services products from more than 980 providers in 44 different ways.
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MoneySuperMarket is part of Moneysupermarket Group PLC, a founder member of the FTSE 250. In 2017, it helped nearly eight million households save an estimated £2 billion on their housing bills, including five million people who saved money on their insurance Two million people made a deal with their money, and more than half a million homes changed hands. Seller.
Moneysupermarket.com Limited is an appointed representative of Moneysupermarket.com Financial Group Limited, which is authorized and regulated by the Financial Conduct Authority (FCA FRN 303190) for the consumer insurance, loans and credit products it offers. For energy products, MoneySuperMarket is approved under Ofgem’s Guarantee Code. Young drivers have been hit hard by record high car insurance costs, and some are facing higher premiums. About £3,000 according to the data.
Confused.com, a price comparison company, said the average 17-20 year old saw insurance costs rise by more than £1,000 compared to the same time last year.
Steve Dukes, chief executive of Confused.com, told Radio 4’s Today programme: “In the last few years, claims have increased since the pandemic, but their costs have also increased.
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“The cost of used cars is higher than ever, the cost of parts, the cost of repair work — all of that is passed on to the consumer.”
Prices for used cars – the usual first car for a young driver just learning – have fluctuated in the months since the Covid pandemic began. Demand for used cars has increased as production of new vehicles has declined due to shortages of computer chips and other components needed for production.
In March 2022, prices rose in the used car market
