Car Insurance - Skodas more popular with rich than MGs and Volvos

The rich really do drive Porsches, environmentally friendly Smart cars break into top ten for higher earners and German cars gain higher income monopoly.

Swiftcover.com, the online insurer, today reveals its 2007 ‘Rich Car List’, a ranking of the cars that high income earners are more likely, and less likely, to be driving than the national average.  This list, launched last year, has been developed from an analysis of over 2.7 million recent* swiftcover.com quotes.

Brands that were traditionally scorned by car-enthusiasts, such as the Skoda - generally considered an unstylish motor - and Japanese cars, such as the Lexus, Honda and Toyota, have increasingly become more popular among the wealthy, and remain a strong challenger to more traditional cars such as MGs and Volvos. The Lexus has taken fourth place in this year's list, with the Honda coming in 12^th, the Toyota 16^th and the Skoda at 18^th place.  This compares to the MG which is in 20^th place and the Volvo which has moved down 11 places to 23^rd.

Britain’s high earners (earning £43,300 and above) still prefer Porsches, with the elitist car make hitting the top spot as the ‘most likely’ for them high to drive, for the second year running.  And big wallets do mean big spenders as, true to form, Jaguars and Mercedes take up second and third place respectively.

 Craig Staniland, Underwriting Director of swiftcover.com comments: “The car you drive is very much a status symbol and, traditionally, is a clear indication of the money you earned.  However, our analysis shows that over time, smaller and greener cars are becoming popular with higher income earners, as more of us are recognising the importance of conserving cash and helping to protect the environment.”

Climate change hype is starting to take effect, as the Smart car, which is renowned for being more environmentally friendly and economical with space on the roads has broken the ‘top ten’ barrier, making ninth place in the list

Craig Staniland continues: “It is very interesting to see some of the stereotypes being challenged – it seems we can no longer easily guess what a car driver might earn. What matters most, whether you drive a bank-busting sports car or a cheap run-around, is you must insure your car adequately against theft and damage.”

The swiftcover.com analysis also reveals:

• German cars are gradually wiping the popularity board, as the Porsche, Mercedes, Audis and BMWs have all made the top ten in the ‘Rich Car List’.  Volkswagens are also creeping up the list, moving up from 14^th place to just miss out on the top ten at 11^th place this year.

• As far as the gas guzzlers go, Jeeps have again overtaken Land Rovers as the richer driver’s 4x4 vehicle of choice

• The Mini adventure may be over, as its popularity seems to have dwindled.  In the 2007 ‘Rich Car List’ the Mini has dropped to the third ‘least likely’ for the rich to drive, less popular even than Kias, Fiats and Nissans, compared to being the sixth ‘most likely’ to drive last year.