Drivers Not Prepared for Repair Bills

Drivers are risking major bills by not preparing themselves for repair bills.

A study by Allianz found that only 29% of motorists made the effort to save for a rainy day, with a further 29% dipping into their savings to cover the cost instead.

The financial services company also found that only 15% budget for the eventuality of repairs whilst 14% have them included in their warranty. A worryingly high percentage (23%) would be forced to put the cost on their credit card.

Liz Grindell, Head of Warranty for Allianz Global Assistance in the UK, said: ‘It’s clear from our survey that most people fail to plan ahead for car repairs, with a small minority of people budgeting for extra costs and even fewer having suitable warranty cover. How many people would be happy having to use their savings to fix their car rather than to pay for a holiday or splash out on that new gadget or pair of shoes?'

‘The cost of owning and running a car doesn’t stop after paying for the insurance, MOT, road tax and fuel, but it’s easy to forget the added expenses such as new tyres and ongoing repairs and maintenance. And of course, with 79% of cars now making it to 12 years on the road, and the average age predicted to rise to 7.95 years in 2015, costs to keep cars running efficiently will rise proportionally.’

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