Younger Motorists Paying Less For Car Insurance

It probably does not come as a surprise to motorists to read that young drivers tend to pay more on average for insuring their cars than mature drivers do. No doubt one of the reasons for this is that a young driver is statistically more likely to be involved in a road traffic accident and thus presents a greater risk to insurance companies providing motor insurance.

Some weeks ago, Compare The Market, a price comparison website, produced some interesting statistics in relation to car insurance for young drivers. In a document published on 3rd August 2020, the above price comparison website stated that the average cost of car insurance for 17 to 24 year olds stood at £1,182 per annum. This was an average fall of £80 per annum in a six-month period to July 2020. When comparing the 6 month period February 2019 to July 2019 with the same period this year there has been an average drop od £38 per annum.

The above website also found that one in five young motorists have stopped using their cars during the pandemic as they cannot afford to run their vehicles. When you consider that a significant number of people are losing their jobs due to the pandemic, it must be a concern to young drivers in this situation if they are not able to apply for jobs that would involve them needing a car to commute to work.

There is a great deal of competition in the car insurance sector so it may pay you to shop around for your cover whether you are seeking car insurance for the first time or your existing cover is shortly due to be renewed. Using the likes of a specialist price comparison website is quick and easy to obtain quotes and once you have decided which insurer to arrange your cover with this can also be done quickly either online or over the phone.

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