Young male driver premiums continue to rise
by Gill Montia
Story link: Young male driver premiums continue to rise
Research from AA Insurance shows that young men are paying around twice as much for their car insurance as young women.
According to the study, premiums for newly qualified young male drivers have continued to rise, while for young women, they have declined.
For example, the average quote for a 17-year-old male driving a three-year-old Ford Focus CL 1.4-litre five-door in the city of Cambridge is £3,462. The same quote for a 17-year-old female is £1,810.
For identical cover where male and female drivers are aged 21, the average quote stands at £565 and £333 respectively.
The loading for young male drivers is simple to comprehend.
While the number of car drivers killed or seriously injured on UK roads continues to fall, 29.1% of road deaths and serious injuries are caused by drivers aged under 25 and young males are responsible for 63.4% of this proportion of the carnage.
AA Insurance director, Simon Douglas, explains that men aged under 21 are ten times more likely to have an accident than men aged 35 or over but 21-year-old women are only five times more likely to have an accident than women aged 35 or over.
In addition, the average claim for a young male driver is just under £4,500 compared to £2,700 for a female under 21.
Once over 30, the average claim for men reduces to £1,400 and for women to £1,200.