UK Money News
30th June 2008
Insurers hitting young drivers with penalty points
Young drivers who have points on their licences can find themselves paying almost double for car insurance, it has been revealed.
In a study conducted by Confused.com, it was found that a 21-year-old female who accrued six penalty points would pay as much as 92 per cent more than if she had a clean licence.
This equates to an extra payment of £895 per year.
Meanwhile, a 21-year-old male, also with six points, would see their insurance costs rise from £1,348.69 to £2,131.71.
Carlton Hood, chief executive officer at the site, said: "As well as suffering from additional insurance costs immediately after gaining points on a licence, motorists are often asked by insurance companies whether they have received points in the last five years.
"If the answer is yes, insurance premiums remain high long after the points have expired."
Confused.com also found that the average hike to premiums for drivers with six points is 60 per cent.
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