Money Box Live: Can you afford your car?

Money Box

BBC

Business

4.2 • 804 Ratings

🗓️ 15 May 2024

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

This week car insurance bosses, appeared in front of MP's as part of an investigation into the cost of premiums.

They're continuing to rise and according to price comparison site Compare the Market are up 46% over the last year, making the typical payment for comprehensive insurance £892 a year.

Consumer group Which? say some insurers are charging 'eye-watering' APR rates on those spreading the cost over the course of 12 months.

So, we put your questions and comments to the Association of British Insurers who tell us it's been a difficult year for the industry.

But it's not just insurance, we're also looking at the cost of fuel, maintenance and of course alternatives to running a car altogether.

To answer your questions and comments Felicity Hannah is joined by Rachel Burgess the editor of magazine Auto car and Stuart Masson from online publication, The Car Expert.

Presenter: Felicity Hannah Producer: Sarah Rogers Editor: Jess Quayle

This episode was first broadcast on Wed 17th April 2024

Transcript

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0:00.0	You are about to listen to a BBC podcast and I'd like to tell you a bit about what goes into making one.
0:06.5	I'm Sadata Sese, an assistant commissioner of podcasts for BBC Sounds.
0:11.2	I pull a lot of levers to support a diverse range of podcasts on all sorts of subjects,
0:16.0	relationships, identity, comedy, even one that mixes poetry, music and inner city life.
0:22.4	So one day I'll be helping host develop their ideas, the next fact-checking, a feature,
0:28.3	and the next looking at how a podcast connects with its audience, and maybe that's you.
0:33.6	So if you like this podcast, check out some others on BBC Sounds.
0:39.5	BBC Sounds, music, radio podcasts.
0:43.0	Hello, today on Moneybox Live, we're asking if the cost of running a car is driving you
0:48.4	round the bend. Yes, I'm afraid there will be lots of terrible puns in today's program.
0:53.9	It's going to be an absolute car crush.
0:55.6	But even our bad jokes can't sweeten the pill of some of the bills,
1:00.4	especially the cost of...
1:02.3	Insurance, really expensive.
1:04.5	It's about £1,600 now.
1:06.1	Really?
1:07.4	What did it used to be?
1:08.7	About seven.
1:09.8	We'll have to really consider whether we can afford insurance.
1:13.0	When you buy a £3,000 car and it's £3,500 to insurer the car, what do we do?
1:20.3	On Wednesday, insurers, consumer experts and the financial watchdog are all in front of MPs
1:26.0	to talk about why the cost of cover is so high.
	...

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