Research carried out by a leading motoring group shows that motorists are not just being hit by soaring fuel prices; they have also seen a rapid increase in the cost of premiums on a motor insurance quote, higher garage repair fees and a fall in the resale value of their vehicles.
This all means that drivers are now paying 14% more than they did a year ago to run their vehicle. And the huge increase is almost three times the rate of inflation. The RAC figures show that the average motorist is now paying £6,700 each year in motoring costs, compared with £5,990 last November. The data will intensify pressure on George Osborne to scrap the two planned increases in fuel next year which, if confirmed will add another seven pence to a litre of unleaded.
Car insurance quotes have gone up by 14.5% with the average premium reaching £551. Motorists have found that they have to pay for the rising number of personal injury claims, insurance fraud and accidents which are caused by an uninsured driver. However, the research shows that drivers know it is not just down to the Coalition Government. Oil companies need to be more transparent over pricing so that everyone knows where the money they pay for fuel is going.
Adrian Tink, the RAC’s motoring strategist, said “With the annual cost of motoring approaching seven thousand pounds the price burden of car ownership is hitting drivers hard. The increase is crippling drivers’ wallets and something has to be done to stem the tide. With fuel prices continuing to be the biggest single running cost, UK drivers want action from the Government. At the very least, we are calling for the scrapping of next year’s planned fuel duty increases. Further increases to fuel prices are simply a step too far.”