Premiums for Young Male Drivers Crash Through £4,000 - August 2011

This regularly updated section of the HomeApproved web site will cover the latest trends, research, opinion and developments in the UK car insurance sector. 

Young Male Drivers Hit With £4,000 Car Insurance Bill!
Yes, an update on the spiralling cost of a new motor insurance policy for all male young drivers. This is a subject which has endured endless debate and complaints from young men up and down the UK. Just why are the premiums quoted for young drivers so expensive?

Well to clarify, the latest statistics for the cost of car insurance for young men has recently crashed through the £4,000 barrier! The average price (Yes AVERAGE - meaning there are some quotes much higher!!) of a year's fully comprehensive cover for those aged 17 to 20 years is now a whopping £4,006.

The figures also suggest that young female drivers pay far lower premiums. The average for women in the same age group is just £2,151. However, as previously reported both here and on other car insurance websites legislation has stipulated that from the end of 2012 it will be illegal for insurers to discriminate upon grounds of gender.

Whilst it may be true that young men pose the greatest risk on the road, one has to ask the question - what is driving this fantastic rise in premiums over the last few years? Could it be that the insurance companies are profiteering on motor policies to subsidise other sectors of the insurance market? Or possibly the premiums are so high in order to cover the current spate of car insurance scams that exist?

The tide of complaints from young male drivers that rising premiums are driving them to drive uninsured does not bode well. Premiums rising far faster than the rate of inflation does not on the surface seem fair or justified. However, on the other hand The Association of Chief Police Officers has released figures that show that the under 25 age group has the biggest proportion of drink drivers on British roads... Food for thought!

ENDS