Hundreds of thousands of Skoda owners may be paying more for car insurance than Ferrari or Aston Martin drivers, according to new research.
Analysis from Bloomberg Intelligence has found owners of the popular saloon and city cars may be splashing out more “pound for pound” than top supercars.
Experts claim the median quote for a Ferrari is now eight percent lower than for a Skoda.
Average supercar cover is said to have stopped in Q3 while Skoda prices remain high after claims for a “faulty fuel system”.
There are believed to be around 800,000 Skoda vehicles registered in the UK with more than 70,000 deliveries last year.
Kevin Ryan, BI Senior Industry Analyst (Insurance), broke down the data which could impact thousands of individuals.
He commented: “This October, our analysis shows a Aston Martin DB9, worth £75,000 and parked on the street, can be insured by a 50-year-old living in central London for as little as £960 a year (down 34 percent year-over-year and 9 percent since July),” according to Confused.com.
“Insuring a similarly valued Ferrari costs £653 (down 51 percent year-over-year), a McLaren costs just £959 (down 32 percent year-over-year).
“A Skoda Yeti, worth £10,000, can be insured for as little as £381 (average of 66 Confused.com quotes, £1,525), down 21 percent since July.”
But, it is believed that premiums are not keeping pace with the claims cost inflation numbers.
The Aston Martin premium of £960 would take around 78 years to pay off the £75,000 replacement cost.
Meanwhile, the cheapest Skoda’s rate of £381 would take 26 years to pay for the lost £10,000 price tag. Experts claim this means the Aston Martin is cheaper to insure “pound for pound”.
Analysis shows that the average annual cost of UK car insurance fell to £861 in Q3.
This was down from £882 earlier in Q2 while figures are down from £924 this time last year, a seven percent drop.
However, insurers are reportedly dealing with increasing claims costs as vehicles get more expensive to fix.
The Association of British Insurers has claimed firms have seen an 18 percent rise in claim costs with an eye-watering £2.9 billion paid out.
Skoda were contacted by Express.co.uk.
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.