UK households without driveways are being hit with an average extra cost of nearly £2,000 over ten years, according to a recent analysis by Go.Compare. The insurance comparison company investigated parking permit charges from 399 local councils across the UK and combined this with their own data comparing insurance premiums for on-street versus off-street parking.
Their findings reveal that drivers without access to a driveway or free local parking face significantly higher expenses, including increased insurance premiums linked to the increased risks of on-street parking. Over a decade, these additional costs can exceed £2,000.
Steve Ramsey, motoring insurance expert at Go.Compare, stated, “Our research paints a clear picture: households without driveways pay up to £2,118 more annually through a combination of higher insurance and parking fees. London’s planning policies worsen this issue by limiting parking spaces in new developments, meaning that many future residents will experience this financial burden.”
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Ramsey highlighted the severity of the problem in London, where 78% of households lack a driveway and new developments typically provide just one parking space for every six flats. This trend is expected to continue, increasing the cost challenges for urban drivers.
He further warned that outside London, many local councils are also failing to provide sufficient on-street parking, further driving up costs for drivers without private parking. “Even those who pay for parking permits aren’t guaranteed a spot, and council charges for public parking can be exorbitant,” Ramsey added. “As a result, many drivers could face annual parking and insurance expenses even higher than our estimates.”