Industry News from Yes Insurance

Keeping a vehicle is often a more pricy alternative than losing it, a price comparison website asserts.

According to uSwitch.com, some £104 billion will be invested in fuel over the course of 2009, in addition to the cost of car insurance and road tax.

Motorists could also be paying more than £3,800 each year in order to maintain their vehicles - making the automobile worth just £385 more.

Ann Robinson, director of consumer policy for the firm, stated that some people will suffer more than others.

She said: "Those in rural communities, the elderly and lower income families will really suffer - don't forget that for many of these a car is a lifeline and their quality of life will suffer if they are unable to afford to use it."

This follows a study from MoneyExpert.com from September 2007 which shows that 24 per cent of parents had helped their child out with car finance.

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