Car insurance chaos sees Ferrari and Aston Martin drivers pay less than Skoda owners
WATCH: Stephen Dixon gives top tip for slashing car insurance prices
GB NEWS
New research has found that owners of Ferrari sports cars are paying less for their car insurance than owners of Skoda vehicles as drivers deal with expensive annual costs.
According to new data, the median quote for a Ferrari is now eight per cent lower than for a Skoda, highlighting the massive differences in prices for drivers.
Analysis from Bloomberg Intelligence (BI) stated that while car insurance prices have fallen 13 per cent since 2024, many motorists are still dealing with expensive costs.
It notes that statistics from the Association of British Insurers (ABI) show the UK insurance industry made an underwriting loss between 1994 and 2015.
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Drivers across the UK are still dealing with expensive car insurance prices, despite a recent fall GETTYSince then, the potential cost of replacing some vehicle parts has prompted Bloomberg Intelligence to state that prices remain "inexpensive".
Data shows that the cheapest Aston Martin premium of £960 would take 78 years to pay for the total £75,000 replacement cost.
In comparison, the cheapest Skoda premium of £381 would take 26 years to pay the vehicle's £10,000 price tag, making the Aston Martin cheaper to insure.
However, the analysis shows that premiums are not keeping pace with the claims cost inflation being seen by most insurers.
Kevin Ryan, BI senior industry analyst (insurance), outlined that insurance pricing for supercars fell in the previous quarter, although this does not reflect inflation or the expensive technology inside the vehicles.
He added: "This October, our analysis shows an Aston Martin DB9, worth £75,000 and parked on the street, can be insured by a 50-year-old living in central London for as little as £960 a year (down 34 per cent year-over-year), according to Confused.com.
"Insuring a similarly valued Ferrari costs £653 (down 51 per cent year-over-year), a McLaren costs just £959 (down 32 per cent year-over-year).
"A Skoda Yeti, worth £10,000, can be insured for as little as £381, down 21 per cent since July. This is no supercar, yet Warrantywise paid a £5,000 claim in 2018 to repair a faulty fuel system."
According to Confused.com, the average cost of a car insurance premium is £861, with drivers recently seeing prices fall for the first time in almost three years.
However, some motorists are being slammed by expensive costs. The average driver in Inner London has to pay £1,357 for cover, while 17-year-olds are quoted a staggering £2,727.
In the second quarter of this year, the ABI reported a significant 18 per cent rise in auto claims cost with £2.9billion being paid out.
Ryan added: "The average premium, which last peaked at £847 in Q2 2017 before the new Q4 2023 high of £995, has moved lower.
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The Aston Martin DB9 can be insured for as little as £960 a year
ASTON MARTIN
"The key issue is that premiums have struggled to revisit 2011's last absolute peak of £857, while the UK CPI transport maintenance and repairs costs index is up three per cent year-to-date (September data), 36 per cent since 2017."
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