Young sports car drivers are to feel the brunt of sweeping changes that were made across the car insurance industry in late May which see’s sports car owners that are under the age of 25 to receive higher premiums for their car insurance policies.
The impact of the changes see’s sports car owners under 25 now facing premiums upwards of £7000 a year, based on recent trends on sports car modifications.
In a claim from Uswitch.com, the speed modifications that were typically sought by the owners of sports vehicles increased the risk probability of claims against insurers. In an extract from the Insurance Times, it found that:
“
• Go-fast extras add an average of £2,682
• A spoiler hikes the premium by almost £700
• A young driver's car insurance could cost up to 223%of the value of the car
• Adding GTI to a Peugeot 206 could push the cost of insurance up by £6,485
• 17-21 year olds represent just 7% of all drivers but they pay 32% of UK annual car insurance bill
• The average car insurance premium for a young driver is £1,730 - more than three times the national average premium of £512
• Insurance premiums fall by an average of £4,002 between the ages of 17 and 27
All drivers have seen their car insurance premiums rise by almost 10% in the last 12 months. ”
Insurance times
26th May 2009
In light of these claims, MotorQuoteDirect has reacted to attempt to curtail the new increase in expenses by providing online awareness and savings advice to young drivers with the launch of the MotorQuoteDirect Car insurance blog and offering free quote comparisons on sports car insurance at their website http://www.motorquotedirect.co.uk.
Reference
http://www.insurancetimes.co.uk/
Press release source
http://www.motorquotedirect.co.uk/
