31 December 2023 , 13:40
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Even if you've been driving for years, there's a chance you don't know about a little-known parking rule that could hike your car insurance this winter.
Most drivers know that when you take out car insurance you need to let the company know the primary location in which the vehicle will be kept. This will determine how at risk it is of being broken into or damaged, and therefore can change the cost of your insurance.
But according to experts, there's one spot that can cause your car insurance to be hiked by £50 if you park there - and not many people know about it. Most people might think that parking in a garage is as safe as can be - but it turns out this can backfire.
According to research from Go Compare, those who park in a garage overnight are likely to pay £54 more than those who leave their vehicle anywhere else around the house. They found that motorists who park in a locked garage will pay on average £710 per year, compared to just £656 in other areas.
If you are paying for a fire and theft policy you will likely be forking out around £1,053, compared to £875 a year for those who park elsewhere. Explaining why garages are deemed high risk parking locations, Tom Banks, car insurance expert at Go Compare, said: "There are various reasons why keeping your car in a garage may result in a more expensive premium. Some insurers may feel garages can pose their own security risks.
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"If the garage is connected to your property, your car could get taken in the event of a home break-in, while if the garage is unconnected, you may be unable to hear the thief entering your car. Insurers may also feel the car is more likely to be damaged if you keep it in a garage. For instance, there could be a greater chance of bumps and scrapes when trying to fit today’' larger cars into small garages.
"Items being stored in the garage, like a toolbox, could also fall onto the vehicle and damage it."
For those looking to cut costs when it comes to car insurance, the data seems to suggest parking on a drive is the best option. Premiums for this location cost on average £627, which is a whopping £85 less than if you park in a garage.
Meanwhile, parking outside your home on the road, or in a residential car park will total an average of £729 and £741 respectively. However, it's always worth considering your vehicle's safety before moving it, simply to save money.
Mr Banks said: "It's key that you consider your circumstances carefully before changing where you park. If the alternative to your garage is somewhere more exposed, like on the road outside your home, then your policy could go up rather than down, and you’d be making your vehicle more vulnerable in the process.
"Ultimately, security is the most important factor, so if your garage is the safest place for your car, then keep it there. Plus, every provider assesses the risk of where you park differently, so it’s important to remember this before switching your parking place."