Simon McCulloch, Director, comparethemarket.com, said: “With new car registrations at a record level, the appetite for buying a new car in the UK seems to be at an all-time high. The costs of insuring vehicles can be steep and clearly any driver looking to buy a car needs to be confident that it is affordable to keep it on the road. Whilst high motor insurance costs for young drivers is a well-known issue, there is still a substantial variance between annual premiums for more experienced drivers dependent on the make and model of vehicle.
Currently, the most popular new car for buyers is the Ford Fiesta*, which from comparethemarket.com figures, costs an average of £389.18 for a 35-45 year olds to insure per year – £173.44 more than the Skoda Citigo, which is the cheapest on average to insure per year. For a cost-conscious driver – perhaps one who is happy to accept a slightly smaller engine size – the Fiat Panda and 500 tend to carry a relatively low annual premium. Likewise, the next most popular cars after the Fiesta – the Vauxhall Corsa, Ford Focus and VW Golf – are all substantially more expensive to insure than the lower cost, smaller engine alternatives from Skoda, Seat and Fiat.
At the other end of the spectrum, it is not surprising to see that powerful sports cars cost comfortably north of £1,000 per year to insure. However, petrol-heads (or, in the case of the Tesla, “electric-heads”) happy to spend £50,000 and upwards on their vehicles are unlikely to be scared off by high insurance costs.”