Parking in common area could dramatically hike car insurance costs this winter

Parking in a popular area this winter could dramatically hike car insurance prices with drivers set to pay over £50 more, according to experts.

New research from Go Compare car insurance has found parking in a garage could backfire with costs likely to increase.

Analysis shows that drivers who leave their car in a garage overnight are likely to pay £54 more than those who store a car anywhere else around the house.

On average, motorists who park their cars in a locked garage pay around £710 per year for cover compared to just £656 for those parking in other areas.

The statistics show those with fire and theft policies are more greatly affected with some paying over the odds for premiums.

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Motorists with this policy who park in a garage will pay around £1,053 compared to £875 a year for those stopping elsewhere.

This would be a substantial £178 reduction in a massive blow to families amid the cost of living crisis.

Tom Banks, car insurance expert at Go Compare has explained why garages may be seen as a higher-risk location.

He said: “There are various reasons why keeping your car in a garage may result in a more expensive premium. Some insurers may feel garages can pose their own security risks.

“If the garage is connected to your property, your car could get taken in the event of a home break-in, while if the garage is unconnected, you may be unable to hear the thief entering your car.

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“Insurers may also feel the car is more likely to be damaged if you keep it in a garage. For instance, there could be a greater chance of bumps and scrapes when trying to fit today’s larger cars into small garages.

“Items being stored in the garage, like a toolbox, could also fall onto the vehicle and damage it.”

The data suggests that parking a car on the drive was the best option for those looking to cut costs.

On average premiums cost just £627, a massive £85 less than leaving the vehicle inside a garage. Parking on the road outside your home or in a residential car park is slightly more expensive with average premiums totalling £729 and £741 respectively.

However, Mr Banks warned that simply moving a vehicle was not a quick fix with every insurance company likely to offer different perspectives.

He added: “It’s key that you consider your circumstances carefully before changing where you park. If the alternative to your garage is somewhere more exposed, like on the road outside your home, then your policy could go up rather than down, and you’d be making your vehicle more vulnerable in the process.

“Ultimately, security is the most important factor, so if your garage is the safest place for your car, then keep it there. Plus, every provider assesses the risk of where you park differently, so it’s important to remember this before switching your parking place.”

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