Young drivers facing increasing insurance costs

23rd May 2012

Drivers aged 17 to 20 are facing increasingly high car insurance costs, compared to their elders, new figures from comparison website and Towers Watson have revealed.

According to the latest Insurance Price Index, the youngest driving age group face an average of around £2,499 in annual comprehensive car insurance, with drivers aged 21 to 25 also having to shell out around £1,411 a year.

In contrast, motorists aged 66 to 70 years old faced an average cost of £440 per year equating to around £1.20 a day.

The dramatic difference in costs was attributed to driving experience, the likelihood of travelling shorter distances and the use of lower-powered cars.

Even middle-aged drivers enjoyed some relief, with average insurance prices of £597 for drivers aged 36 to 40 while 46 to 50 year old motorists paid around £733.

Commenting on the figures, head of car insurance Gareth Kloet noted that that while statistical risk, the value of the car and the experience level of the driver was taken into consideration “younger driver are hit significantly harder than more experienced motorists”.

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