Research conducted by insurance specialist AXA has found that a third of drivers are struggling to pay their car insurance excess.
The number of UK motorists who are unable to pay their excess in order to meet repair costs, has risen by 61%. This could be due in part to the rising cost of fuel and other essential spending putting a dent in the budgets of UK drivers.
29% of drivers have savings that aren't sufficient enough to pay for their excess. 48% of respondents only have access to savings of £500, while 34% can only draw on less than £200 in savings.
Sarah Vaughan, from insurance specialist AXA, urged drivers to ensure they have enough money stashed away to ensure that their cars are kept roadworthy.
On a more positive note, the insurer stated that the number of drivers who were adding a 'voluntary' amount of excess to their policies had risen. Voluntary excess has increased by 10% over a 2-year period for AXA policy holders.
"As an industry we need to make sure motorists understand the level of excess they are committing themselves to when they buy their insurance and then to ensure it is at a sensible level for them. Around one in ten will have an accident each year so there is a real likelihood that they will need to find the money at some point."
"We appreciate that premiums have risen a lot in the last couple of years and we can understand consumers looking at ways of saving a bit of money. But if this means that they can't afford their excess, it is a completely false economy," added Vaughan.
