NEW YORK, Aug 1 (Reuters) - The cost to insure the debt of General Motors Corp (GM.N: Quote, Profile, Research) jumped to a new record for the second day in a row after the automaker reported a $15.5 billion loss for the second quarter.

GM's five-year credit default swaps jumped to 45.5 percent the sum insured as an upfront payment, from 42 percent on Thursday, in addition to 500 basis point annual payments, according to Phoenix Partners Group. This means it would cost $4.55 million to insure $10 million in debt for five years, plus an additional $500,000 each year. (Reporting by Karen Brettell; Editing by Theodore d'Afflisio)