From Vauxhall to Volkswagen - ensure cover for your new car offers model value

From Vauxhall to Volkswagen - ensure cover for your new car offers model value

With the new 09 car registration number out on March 1, motorists shouldn’t be lulled into assuming a new car will always be more expensive to insure than an older model, according to moneysupermarket.com.

* Cover for older cars not always better value compared with new cars
* One year on, beware of expensive insurance renewals says moneysupermarket.com

The UK’s leading price comparison site analysed the cost of motor insurance premiums for five and ten year old models of Britain’s favourite cars1. It found for the nation’s second most loved car - a Vauxhall Corsa - a 35 year old male could pay 20 per cent less for annual motor insurance for a 2008 model compared to the 1999 model2.

Andy Leadbetter, managing director of insurance at moneysupermarket.com, said: “As the new 09 registration cars hit forecourts this weekend, some Brits may be tempted to treat themselves to a new set of wheels. For many motorists the cost of insurance will often be one of the deciding factors before taking the plunge to buy a new car.

“It’s a common belief a new car will be more expensive to insure than an older model - our research reveals there are some occasions where this is not the case, and also on the positive side where the premium for a new car does show as more expensive, the price differences are much smaller than many would expect to see. When it comes to favourites like the Vauxhall Corsa it is interesting to see that it is cheaper to insure a 2008 model than one five or ten years older.”

moneysupermarket.com also urges drivers who bought a new 08 registration car last March, to review their insurance carefully, regardless of the make - particularly those who received a year’s free insurance at purchase.

Andy Leadbetter continued: “Receiving 12 months’ free cover is a great perk when buying a new car, and we can all do with a little extra help with our finances at the moment, but one year on it is important to stay savvy.

“You could find yourself paying a significantly inflated premium if you stick to the same provider as the policy is unlikely to be very competitive. Always scour the market for the best deal for your circumstances.”

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