UK Money News
10th June 2008
Young male drivers stung by car insurance costs
Young male drivers are forced to pay over 40 per cent higher car insurance premiums than their older counterparts, it has been revealed.
According to research conducted by MoneySupermarket.com, a young man in his twenties could expect to pay an average premium of £370.
A man in his thirties, meanwhile, would pay around £262 for the same level of cover – a reduction of £108.
Peter Gerrard, head of insurance research at the web site, said the high costs for young drivers can be attributed to the fact that statistically they are involved in more accidents than any other age group."
He said: "Young and newly qualified drivers have long been perceived as high risk by the insurance industry and often find it hard to get competitive motor insurance.
"But there are ways they can cut their insurance costs, such as adding a parent to their policy or looking at specialist insurers who target young drivers."
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