64% of drivers admit to not having vehicle cover

New research from PEUGEOT reveals that drivers in the UK spend on average £450 per year on vehicle repairs, resulting in a total estimated cost of £3,600 over an eight-year period. This is reduced to £425 per year for battery electric vehicles specifically, with a total estimated cost of £3,400. 

Despite the shocking cost of vehicle repairs, over half of drivers (64%) do not have vehicle cover with the most common reason being the expiration of their existing manufacturer’s warranty (60%) and lack of affordability when purchasing an extended or used car warranty (24%).

According to PEUGEOT’s data, almost two-thirds of drivers (62%) felt that the cost of repairs had increased in recent years, versus a small minority (3%) who felt costs had decreased and 22% who felt they had stayed the same.  

However, the research also found that 68% of drivers get their car serviced within the recommended annual timeframe, with 15% going so far as servicing more frequently than once a year, and just 12% of drivers admitted to leaving their car service for two years or more.

Nicola Dobson, Managing Director, PEUGEOT UK, said: “When you look at the ongoing cost of car repairs affecting drivers, and add it up over several years”