Personal Finance

Rise in cost of motoring - survey

Motorists are paying at least 20% more on average to run their cars than they were a year ago, a study has revealed.

The report by Sainsbury's Finance mainly blamed a sharp increase in car insurance premiums and rocketing petrol prices for the rise in the cost of motoring.

Currently the average cost of running a car is £3,089 - 21.1% more than the cost on April 1, 2010.

This includes a 30.7% average hike in insurance and a 5.4% increase in servicing costs and a 22.9% surge in the cost of fuel.

In addition, MOT test costs have risen by 1.6% and motoring taxes have soared by 5.1% on average.

Fuel costs - based on driving 10,000 miles a year in a Ford Focus - went up to £1,720 a year, the poll added.

The survey, of 2,022 adults, showed that 18% would not consider switching their car insurance but 6.2% obtained more than five quotes.

Ben Tyte, head of motor insurance at Sainsbury's Finance, said: "The cost of motoring has soared in recent months as all costs, but particularly fuel prices and insurance premiums, continue to rise.

"The cost of driving can be kept better in check by shopping around, particularly for fuel and car insurance."

Sam Jackson

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