Millions freeze as price of petrol and insurance skyrocket

Millions of drivers have been forced to reduce their heating at home ahead of winter due to rising car costs.

A poll conducted by Forbes Advisor has cited increases in insurance prices and petrol as fuelling this issue.

The survey found that almost a fifth of motorists have been forced to cut back on heating their homes to pay vehicle costs.

This is the equivalent of 7.5 million people and comes at a time when energy bills are expected to rise in the winter months.

Some 92 percent of drivers reported steep increases in vehicle expenses in the last year with fuel and insurance being the most expensive costs.

Read more: Britons should always ‘place curtains behind the radiator’ to save money this autumn

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As a result of this, more than four in 10 respondents have made cuts to their expenses to pay their car costs, with clothing and dining out being among the luxuries people have stopped spending on.

According to the Association of British Insurers, drivers paid an average of £511 for private comprehensive motor insurance in the second quarter of 2023; a 21 percent increase from the year before.

Furthermore, the average price of a litre of petrol is now 157p as of October 1, a rise of 9.6 percent since June.

Kevin Pratt, a car insurance expert for Forbes Advisor, broke down how much more households have been forced to pay when it comes to their vehicles.

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He explained: “Car insurance hikes are causing a lot of financial hardship. Our research found that the average motorist has seen their car insurance increase by £98 in the past 12 months.

“The figure is even worse for 18-34-year-olds, who are seeing an average price increase of £132 to their insurance in just one year.

“Insurers are putting up prices because their own costs are rising, with car repairs costing more and taking longer thanks to a shortage of trained staff and supply chain bottlenecks.”

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According to the car expert, it is unlikely premiums will drop unless inflation eases further but growing instability in the economy and geopolitics means vehicle costs could remain high.

However, the insurance analyst shared advice for those concerned about being able to keep up with car costs.

Mr Pratt added: “If you’re coming up to renewal for your car insurance, start shopping around early as insurers charge more the nearer you get to renewal.

“Receiving your renewal notice from your current insurer is a good indicator that it’s time to start hunting a better deal – never automatically renew without checking what else is available.”

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