Car insurance costs more than buying a vehicle

Thu, 30 Aug 2007

According to a new report, car insurance can be a greater expense than the cost of buying a new car. The research also revealed the amount of money that parents are comfortable paying for their son or daughter to purchase a car .

The research was conducted by Gocompare.com, an online car insurance price comparison service. They found that parents will pay just over a thousand pounds to get their children mobile . Most parents hoped that the car would be less than five years old and capable of many miles.

Gocompare warned that the cost of cars in the UK is just the start of motoring expenses. Hayley Parsons, the managing director, reportedly commented: "It's not just the price of the car they need to consider. For a young driver, it can cost more to insure a car than the value of the vehicle itself."
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