UK Money News
1st July 2008
Young drivers urged to shop around for cover
Young drivers have been urged to shop around for cheaper car insurance cover until government moves to standardise the cost of cover irrespective of age are made law.
Under the Equality Bill, the government is proposing to compel car insurance providers to stop discriminating financially against older drivers and could extend this to younger motorists too.
However, in the meantime, youthful motorists can cut their costs by ensuring that they shop around for cover, advised Ashton Berkhauer of uSwitch.com.
He commented: "In theory, the Equalities Bill could mean the end of the road for higher premiums for young drivers.
"However, insurers have to price by risk and there is clear evidence that younger drivers are more of a hazard on the roads."
Research conducted by the site found that young drivers between the ages of 17-25 account for just seven per cent of drivers on UK roads but pay 22 per cent of the total premiums.
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