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Young driver car insurance ‘a fifth of wages’
Car insurance for young drivers is now so expensive, it actually accounts for almost a fifth of their annual earnings.
The average cost of comprehensive car insurance for a driver aged 17-20 is now £2,499, according to data from confused.com and Towers Watson.
It’s even worse for young male drivers, who pay an average of £3,635 for car insurance.
This means more than a QUARTER of a young male driver’s annual salary is spent on insuring his car.
In contrast, drivers aged 71-plus are paying just £436 a year – meaning a 71-plus male could spend £3,199 LESS on car insurance than a young male driver.
Gareth Kloet, head of car insurance at confused.com said: “Each age group is costed by their statistical risk and this includes the value of the car itself, the experience levels of the driver, past history and where they live among other factors.
“Younger drivers are hit significantly harder than more experienced motorists but Confused.com is working hard to find ways to help young drivers bring down the costs, such as working with telematics providers who offer a discount for drivers who can prove that they are safe on the road.”
The only solace for younger drivers is that the cost drops by £1,000 once they reach 21, and then reduces by a further £500 when they hit 26.
Even so, the fact remains that right now, young drivers aged 17-20 are paying a staggering daily average of £6.24 to insure their car – over £5 MORE than a driver aged 71-plus…
AVERAGE COST OF CAR INSURANCE, BY AGE
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