The recent hike in car insurance has become a source of concern for all motorists, especially the young ones, as for the first time ever, the total cost of getting car insurance amounts to almost £4,500.
After taking into consideration the costs of driving lessons, tests, tax, insurance and the car itself, it has been suggested that it will cost £4,459 to become a driver.
Researchers say that an average 18 year old has a Vauxhall Corsa worth about £1,450. He will then take approximately 20 driving lessons, which will cost approximately £480, before they take their test. Each driving test costs about £62, and they need an average of two to pass. After this, they will need to pay £111 for the provisional licence, theory test and the road tax.
However, it’s the car insurance which sets back young motorists the most, costing £2,294 for a driver between 17 and 22 years old. Therefore, it is not at all surprising, when 30% of people cite it as the reason as to why they don’t own a car.
In spite of the unavailability of cheap car insurance, it has been noticed that the people getting a car are younger than ever, with the average age being 18. This is in sharp contrast to their parent’s generation, who had to wait till they were 22 years old to drive their own set of wheels.
Since not many 18 year olds have a bank balance stretching into thousands of pounds, they usually rely on their parents to pay for the initial costs of owning a car. Unfortunately, they fail to take notice of the cost of the rising car insurance. The reason that the car insurance is so high is because most of the accidents which are taking place on the road are caused by young drivers. So unless they start to buckle up and be more responsible on the road, the cost of car insurance will keep hiking up.