Car insurance costing young drivers dearly
by Richard Kilner
Story link: Car insurance costing young drivers dearly
Young drivers are being hit hard with insurance premiums, which can be nearly sixfold those paid by pensioners and up to a fifth of a young person’s salary, new figures have shown.
The research, commissioned by Confused.com, has shown that the average income of an 18-21 year old is a little under £14,000, but that comprehensive cover costs about 18% of this (£2,500).
Young men are even worse off, paying an average of £3,635, whereas drivers over 70 pay just £436, on average.
Transport Secretary Justine Greening has recently addressed the issue of exorbitant car insurance premiums for young people, and has urged insurers to fit electronic black boxes which log driving behaviour and enables safer drivers to enjoy lower premiums.
Earlier this year The Co-operative Insurance found that drivers with black boxes were 20% less likely to have a crash than those without.