In an ideal world, we would all have savings put away for the future and we would all have access to money we could use at short notice in emergencies. However, back in the real world, with so many people struggling financially on a day to day basis, it is easy to see why people do not have the funds to prepare themselves for any eventuality.
When you consider the expense of running a car in normal circumstances, it shouldn’t come as a shock to learn that many people are ill-prepared to deal with any repair costs that arise for their vehicles. This has been brought to the fore in a survey published by Allianz Global Assistance UK, which indicates that fewer than 30% of drivers in the UK have plans in place to deal with any unexpected bills for the repair of their vehicle.
Credit cards are a solution for some drivers
The response said that 29% of people would use their savings, 23% would use a credit a card. While a credit card is far from an ideal solution to use when faced with a bill at short notice, it is understandable that there is a need to get your car repaired quickly and effectively. With many people being reliant on a car, not having access to a vehicle for any period of time could have a negative impact on their life. Whether this impacts on their work or on their family life, many people are reliant on a car, and this means that they need to ensure that their vehicle is repaired at short notice if anything goes wrong.
The Head of Warranty for the company behind the survey, Liz Grinell, said; “It’s clear from our survey that most people fail to plan ahead for car repairs. 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.”
While the survey is aiming to shock people into making sufficient plans to care for their vehicle in all eventualities, most people will probably be shocked at the fact that 15% of car owners are actually able to plan for unexpected car repair bills. With fewer than 15% of owners having a warranty in place to cover repair bills, there will be a lot of drivers across the United Kingdom hoping and praying that nothing untoward happens to their vehicles.
Thinking about fuel and regular servicing options are at the forefront of many driver’s minds but when it comes to being prepared for repairs, it seems as though many UK drivers don’t have a Plan A, let alone a Plan B in place.