Mazda MX-5 owners enjoy the cheapest median insurance premium at £250, according to data released by Go.Compare.

Although lower-powered, small and safe cars were typically cheaper to insure, ownership demographics played a role in insurance premiums.

The driver’s age, area they live in, and where the car is parked all contribute to insurance renewal costs.

The Peugeot 206 was close behind the Mazda MX-5, with a median insurance premium of £255, with the Citroen Xsara’s median premium being £256.

Other small cars followed, such as the Smart Fortwo (£260), Toyota iQ (£265), and Fiat Panda (£279).

Unexpectedly, larger and more powerful cars also made the top 10, including the Peugeot RCZ (£279), as well as the Saab 9-3 and Volvo S40, which both had median insurance premiums of £290.

Tom Banks, car insurance expert at Go.Compare, said: “Generally speaking, more powerful, sporty cars with larger engines are more expensive to insure, while cars with smaller engines can be more affordable to insure, as well as to run.

“While it’s likely not cost-effective to change your car in order to lower the cost of your insurance premium if you are in the market for a new car anyway, then it’s definitely worth researching how much different models cost to insure.

“And if you aren’t about to buy a new car but your premiums have risen, there are certain things you can do to try and lower the cost of insuring your vehicle.”