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Confused.com reveals young drivers spending more than 18% of their annual salary on car insurance
Confused.com has revealed new figures which show young drivers are spending more than 18% of their average annual salary on car insurance, while drivers aged 66-70 can pay as little as £1.20 per day.
With ONS figures revealing that the average income for 18-21 year olds in the UK comes to £13,972, when a young driver pays for their own car insurance (http://www.confused.com/
Older drivers are currently enjoying the lowest premiums, with drivers aged 71+ paying an average of just £436 per year. A combination of driving experience, likelihood to travel shorter distances and owning lower-powered cars can make older and retired drivers statistically a lower risk, despite the possibility that their reactions could be slower due to age.
Average costs dip significantly for drivers aged 36-40 with the average price coming in at £597, but rise dramatically again for 46-50 year-old drivers who pay an average of £733.
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."
There are however tips for younger drivers who are looking to reduce their car insurance costs which includes choosing a smaller and lower powered car, installing a telematics device and considering excess protection but as with any product or service, it pays to shop around for the best price by using a comparison site such as Confused.com:
Customers can access Confused.com's car insurance price calculator, which gives data on regional prices, at www.confused.com/
Confused.com was the UK's first price comparison site for car insurance. Confused.com is one of the UK’s biggest and most popular price comparison services. Launched in 2002, it generates over one million quotes per month. It has expanded its range of comparison products over the last couple of years to include more specialised insurances such as performance car insurance (http://www.confused.com/
Confused.com is not a supplier, insurance company or broker. It provides a free, objective and unbiased comparison service. By using cutting-edge technology, it has developed a series of intelligent web-based solutions that evaluate a number of risk factors to help customers with their decision-making, subsequently finding them great deals on a wide-range of insurance products, financial services, utilities and more. Confused.com’
Confused.com press office