What’s the best car for your budget?
The car you drive can have a big impact on your insurance, with some models offering lower premiums. Young drivers could save £303 by choosing a different car to some of the most popular models on the market. The average premium of the top ten cheapest cars to insure stands at £885, compared to an average of £1,220 for the top ten most popular cars. However, you will need to have more money saved upfront as the savings in insurance tend to be offset by the cost of the car itself.
The average cost of the most popular cars stands at £4,308 compared to an average of £4,133 for the cheapest car to insure for 17-24-year-olds – the first time since the Young Drivers Index has been produced that the cost of the car is lower for the cheapest cars to insure over the most popular.
The Volkswagen Up! is now the cheapest car to insure, costing an average of £818 per year for a young driver, but with an average value of £5,357. The regular Fiat 500 is significantly more expensive to insure, at an average of £870, but with a lower average value of £4,970. Meanwhile The Vauxhall Corsa retains the top spot as the most popular car for young drivers, accounting for 11.7% of enquiries and costing an average of £3,182.