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Owning a car can be expensive, particularly for younger drivers aged 20–25 and seniors over 75, where insurance premiums often hit their peak.
However, insurance premiums differ depending on the car and model, size and spec – and opting for a car that insurers consider ‘safer’ can help you save money.
At Select Car Leasing, we provide expert advice to help you find a car that’s not only perfect for your needs but also affordable to insure!
Read on to discover the cheapest cars to insure right now.
Insurance can be an expensive but it's a necessary protection for a new car.
In the UK your car must have insurance to drive on public roads. The legal minimum insurance is Third Party, which offers protection to others who might be affected in the event of an accident. But you will need to pay for the damages to your car yourself.
This is why Fully Comprehensive insurance is the safer option, covering you, your vehicle, and those around you.
Insurance prices reflect the perceived ‘risk’ to the provider, of both the car and the driver.
This means insurance prices can vary depending on the car’s engine size, its mileage and how likely it is to break down – as well as its potential repair costs.
Aside from the vehicle itself, there are a few other factors which may affect the price of your car insurance. It’s also determined by the accident history of the driver, and how likely they are to have another accident.
For example, your no-claims bonus and voluntary excess on your policy play a large factor in the price of premiums. (A no-claims discount is the number of years you’ve gone without making a claim).
The average price of an annual car insurance policy in the UK is £561 – with the exact cost largely depending on the driver and vehicle.
For example, insurance premiums are typically most expensive for those in their twenties – costing the average 20-year-old £851 per year. Premiums tend to fall with age until drivers reach their sixties. The average car insurance policy for a 75-year-old is £752 per year.
Insurers often charge higher rates for some car makes and models over others.
This is because they are either deemed more likely to be involved in an accident by the insurance provider, or perceived to be a target for theft or other insurance claims.
They may also simply be more expensive car models and therefore cost more to insure – reflecting the potential repair and replacement costs facing the provider if the worst happens.
Comparison websites are popular for reviewing the cheapest insurance for your vehicle, saving time and often money for the average motorist on their policies.
Drivers are encouraged to shop around for an affordable car insurance policy, with different providers willing to offer discounted rates or even specialist insurance for specific vehicles or drivers.
If you’re looking to insure a leased vehicle, at Select Car Leasing, we also offer insurance with our car lease packages at a fair and affordable price. Our Fully Comprehensive insurance and car lease package offers full-service cover, MOTs and all routine maintenance, with the added bonus of breakdown cover.
Third Party is the legal minimum insurance you must have to drive a car on UK roads. It is also generally the cheapest insurance policy because it only covers damage to other vehicles, but not your car.
While Fully Comprehensive insurance may mean more expensive monthly or annual payments, it can prove more cost-effective in the event of an accident – protecting the driver against any vehicle repair costs.
Car insurance policies are broken down into different price groups based on their perceived risk to the insurer. Insurance groups 1 and 2 feature cars with the cheapest premiums, with group 50 consisting of the most expensive cars to insure.
Once you’ve decided on a car make and model that’s right for you, there are plenty of insurance comparison websites that can help you find an affordable insurance quote.
Take time to look through each policy in detail to make sure it provides the right coverage for you and your vehicle.
While some policies may offer cheaper monthly payments, you may be left facing a hefty repair bill if the worst happens – so, be sure your policy balances your budget with the excess you’re willing to pay to repair your car in the event of an accident.
Before buying any car, check its licence plate and vehicle specifications and enter the details on an insurance website to get a quote for how much a policy would cost – especially if you’re looking to insure an older car.
Conducting research before purchasing or leasing a car is a must. You don’t want to get your hands on a car just to find out it’s too expensive to insure.
Cars are grouped based on their insurance costs – with group 1 cars boasting the most affordable policies and group 50 requiring the most expensive premiums.
Group 1 and 2 vehicles are popular among new drivers for their affordable premiums, however, it’s important to shop around for quotes before committing to a vehicle if you’re worried about policy costs.
Volkswagen's Polo Hatchback has a canny and long-history of unique design and has a sprightly engine with a futuristic cabin and firm handling.
Hyundai's i10 Hatchback is a car with modern styling, low running costs, storage in abundance and strong safety credentials.
The Sandero Hatchback is a vehicle with a wide variety of practical features, and a simple interior layout and a strong engine.
Seat's Ibiza Hatchback has a stupendous engine that is incredibly quick combined with endearing good looks and a finely built exterior design.
Renault's Clio Hatchback is exceptionally fun-to-drive, with an efficient engine and a stunning exterior design.
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The award-winning and highly renoun Skoda Fabia Hatchback is a nifty and agile vehicle that is very economical.
Kia's Picanto Hatchback has an memorable and fashionable design and is both easy to drive and highly practical.
The Fiat 500 Hatchback is an extremely practical hatch, with top of the range safety systems and quality handling.
Car insurance policies are grouped by price, with group 1 featuring the most affordable cars to insure and group 50 consisting of the most expensive models. Some of the cheapest cars to insure include the Skoda Fabia, Hyundai i10 and Kia Picanto.
There is no single insurance provider that offers the cheapest policies. Drivers are encouraged to use comparison websites and research the history of a vehicle to find an affordable insurance quote.
Car insurance policies aren’t calculated based on the vehicle manufacturer but the ‘risk’ to the lender. This means vehicle make, age and value and driver history are all taken into account in the policy cost. Some of the vehicles deemed ‘safer’ by insurers – and therefore boasting cheaper insurance – include the Skoda Fabia, Hyundai i10 and Kia Picanto.
No, newer cars aren’t necessarily cheaper to insure than older cars. This is because insurance premiums take into account the value of the car – and therefore the repair or replacement costs the provider would need to cover if the car is damaged. However, newer cars are more likely to have the latest safety features, which contributes to reduced premiums compared with older models.
There are many factors taken into account when calculating premiums – all based on how they impact the perceived risk to the provider. This includes engine size, value and accident history.
Car insurance premiums are calculated based on a range of factors that impact the ‘risk’ to the provider – not just vehicle age. So, while newer cars may be deemed less risky due to having the latest safety features, they are also more valuable and therefore have higher repair and replacement costs. This makes it difficult to compare the insurance costs of new and used cars.
Looking to lower your insurance premiums with a new vehicle in insurance groups 1, 2 or 3? View our car leasing offers to find the perfect model to keep your insurance costs affordable.
You’ve just passed your test, you can’t wait to get behind the wheel of a new car, and you’re now the go-to person for lifts from friends. But what sort of lease car will keep you smiling for months on end?
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There are many benefits to personal car leasing, including cost effectiveness, smart use of your money, peace of mind and the hassle-free enjoyment of driving a brand-new vehicle.
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