A report has shown that the UK’s young drivers are spending in excess of 18% of their salary on car insurance. Obviously young drivers are a greater risk to insurers, with young men bearing the brunt of the insurance premiums.
On average an “average Joe” who is aged between 17 and 20 pays an astronomical £3,635 for car insurance, whereas cover for females in the same age bracket is almost half that figure at £1,869. This figure eclipses the purchase price of many insurance friendly cars, making it even more of a challenge for young drivers to get behind the wheel of a newer, safer and more efficient car.
When you take into account fuel, servicing and maintenance costs its a wonder that many youngsters even bother getting behind the wheel at all. Estimates show that it could actually cost in excess of 25% of a younger drivers salary just to keep mobile when taking into account these associated costs.
With the invent of comparison sites, shopping around for car insurance has never been easier. I remember many moons ago going through the yellow pages and spending the best part of a day looking for the best quote. These days anyone with access to a computer can get access to the very best prices, something many take for granted.
The government has been backing a scheme to get youngsters cars fitted with black-boxes. These boxes record and assess driving behavior and style. Detailed measurements of speed, acceleration, braking and cornering are taken with insurers offering reduced premiums for safe drivers. In trials these have shown an impressive 40% reduction in accidents for cars fitted with such a device.
Fuel prices are another hurdle for young drivers with prices almost 50p a litre higher than six years ago. Its never been such a good time to start saving money on fuel and Hypermiling is the best way to save pounds at the pumps. Check out our Hypermiling Techniques page and see how its done.