Daily Motor News – Tuesday 10 December

2.6 million people don’t drive as they can’t afford car insurance cost

New research by Citizens Advice has revealed that 2.6 million people don’t drive because they’re unable to afford the accelerating cost of car insurance. This includes almost 900,000 people who have had to cancel their cover in the last 12 months, in addition to 1.7m people who have already been priced out of the market for longer than a year. Full story

Quoted car insurance premiums fall but not for younger drivers

Quoted car insurance premiums have dropped for the first time in nearly three years, with a 1.1% decrease. However, younger drivers are still experiencing increases, according to the latest Consumer Intelligence Car Insurance Price Index. Full story

When the bill comes due – MIBI recovers £45k from uninsured driver

The purpose of the MIBI is to compensate victims of road traffic accidents caused by uninsured and unidentified vehicles. It 2016 it paid out £45,000 to compensate a driver injured in a serious collision with an uninsured driver. However, it has now recovered the entire debt. Full story

Van theft hotspots revealed by new police data

London is the UK’s van theft capital, with October being a peak month for van-related theft, new research suggests. A Freedom of Information (FOI) request sent to police forces across the country revealed 14,529 incidents were recorded in London last year alone, equating to 40 vans a day being targeted in the capital. Full story

Sabre Insurance CEO lays out ambitious strategic roadmap

Geoff Carter, CEO of Sabre Insurance, has announced the group’s target of hitting at least £80m by 2030. Three core pillars underpin its strategy –an adjustment in the margins of its current core product, a “step to the left” that will allow Sabre to write more business, and the launch of a new direct motorcycle proposition. Full story

Day’s Fleet partners with Motor Assist

Day’s Fleet has announced a partnership with Motor Assist, a specialist in incident management operated by AX, to improve its accident management operations. This partnership builds on a longstanding relationship with AX. Full story

Motorists perform risky manoeuvres and divert to dangerous rural roads to avoid motorway traffic jams

More than half of motorists are diverting from motorways to potentially less safe rural roads to avoid traffic jams and congestion, according to new research. IAM RoadSmart, Britain’s leading road safety charity, found that over the last twelve months, 51% of drivers have diverted from a congested motorway and headed for a country lane instead. Statistically, rural roads are the most dangerous roads in Britain. Full story

More than 1.3m EVs on the road in the UK

There are over 1.3 million electric vehicles (EVs) on the roads in the UK, according to a new industry report. Data from Zap Map claims 3.94% of all vehicles on the road are electric – a rise from 0.6% in 2020. Full story

Consumer car finance new business volumes fell by 2% in October 2024

New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in October 2024 by two per cent compared with the same month in 2023. The corresponding value of new business fell by one per cent over the same period. Full story

Car finance crisis set to cost billions and dent investor confidence, warns Lloyds boss

The deepening car finance crisis could deliver a major blow to Britain’s economic prospects, according to the head of the country’s largest retail bank. Charlie Nunn, chief executive of Lloyds Bank, warned that uncertainty caused by recent court rulings was undermining investor confidence and risking a multi-billion-pound claims storm reminiscent of the PPI scandal. Full story

VW recalls 4,600 vehicles over battery overheating concerns

German automaker Volkswagen is recalling 4,616 vehicles in the US over concerns that their high-voltage batteries may overheat and increase the risk of a fire, the National Highway Traffic Safety Administration (NHTSA) said. The recall affects plug-in hybrids such as the 2022-2023 model year Audi Q5 SUVs and 2022 Audi A7 vehicles. Full story

BYD on track to top 2024 sales goal and outsell Ford, Honda

China’s top electric vehicle maker BYD gained market share as the world’s largest auto market recorded its fastest-growing month in 2024, setting BYD up to exceed its global annual sales goal and overtake Ford and Honda. The Chinese electric vehicle giant delivered 3.76 million vehicles in the first 11 months this year including 506,804 units sold in November. It aims to sell up to six million cars next year. Full story

Used cars selling two days faster than last November

Used cars are selling two days faster than last year amid solid demand and improving pricing trends, according to the latest data from the Auto Trader Retail Price Index. Cars are selling two days quicker than 2023, taking 31 days to leave forecourts. Electric vehicles sold even more quickly last month, at 28 days, with three-to-five-year-old EVs selling within 22 days on average. Full story

European auto industry welcomes conclusion of EU-Mercosur trade agreement

The European Automobile Manufacturers’ Association (ACEA) welcomes the conclusion of the trade agreement between the European Union and the Mercosur bloc and calls for a swift ratification by the Council and the European Parliament.Meanwhile, ACEA has also welcomed the application from Stellantis to rejoin the association. Full story

Vehicle height compounds dangers of speed for pedestrians

The faster a vehicle is moving when it strikes a pedestrian, the more likely it is to inflict serious injuries. Exactly how much more likely depends in part on the height of the vehicle, with taller vehicles compounding the risk from higher crash speeds, new research from the Insurance Institute for Highway Safety shows. Full story

Allianz to buy RAA Insurance amid motor groups shake-up

SA-based RAA is selling its underwriting operations to Allianz Australia in a £322 transaction following a similar deal announced between RACQ and IAG, and as WA’s motoring group also reviews its insurance arm. Full story

In 2025, it’s not just the Tesla Model Y Juniper—cheaper models are coming, too

Coming up on the five-year mark, Tesla’s Model Y is overdue for an update. Meanwhile CEO Elon Musk has also repeatedly referenced more affordable models coming in 2025. Full story

As Fisker bankruptcy drives up repair costs, owners spark parts revolution

The Fisker Ocean, a Toyota Highlander-sized electric SUV with 350 miles of range, debuted in American showrooms with mass-market appeal. In just over a year of sales, Fisker issued six NHTSA recalls, including a stop-sale for a cabin water pump issue a week after declaring bankruptcy. Full story

US private auto insurers enjoy another quarter of record growth in Q3

The profitability surge for private auto insurers in the US continued in the third quarter of 2024 as premiums reached record levels. Insurers recorded direct premiums written (DPW) of £72bn during the quarter, the highest third-quarter total since 2001, according to an S&P Global Market Intelligence analysis. This marks a £7.7bn increase from £64.4bn in 2023. Full story