Annually young drivers pay around £2,499 for car insurance and almost 18% of their full-time salary for motor cover.
The situation is even worse for male drivers aged between 17 and 20 who are charged around £3,635 for car insurance, while young women pay around £1,869. This means that big part of a young’s driver salary goes on car insurance. For persons aged between 18 and 21 the average income is £13,972. Doing a little math, £2,499 the average premium is 18% of a young driver’s salary going on the car cover. Drivers need their cars to get to work, and when unemployment for young people is so high, they are not left with a choice of searching another job that could remove the need to drive there.
Believe it or not, younger drivers have to spend much more on insurance than the older generation. Drivers aged 66 to 70 have to pay £440 a year, which is £1.20 per day, compared to £6.85 a day the younger driver has to pay. The older drivers are considered much less risky proportion, due to the driving experience, the possibility of owning lower-powered cars and likelihood to travel shorter distances.