The annual cost of car insurance for young male drivers has broken through the £4000 barrier – which, when added to the cost of running the car, means the average young man must spend HALF their annual wages on motoring.
Common car insurance myths busted
The average annual premium for a 17-20 year old is now £4,006, reports car insurance price comparison tool confused.com. This is the highest annual cost since the firm started its yearly car insurance index survey in 2006.
Young men are not the only ones affected by rising car insurance costs, either. The average cost of fully comprehensive cover has risen £170 in the past 12 months, and now stands at £858. The annual inflation rate stands at 25%.
Third party fire and theft prices are up even more: they have risen 33% in the last year. This means the common assumption that third party cover is much cheaper may not necessarily be true: the gap to fully comprehensive cover is narrowing.
Although young male drivers pay the most for car insurance, they are not the ones that have experienced the biggest annual rises. It is actually people in the 29-33 year old age group that have been hit with the steepest increases in car insurance premiums over recent months.
Confused.com also has a top tip for young males clobbered by that £4,000 average premium – get married. If they are wed, and add their partner to their car insurance policy, costs drop by £1,000…
