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Cutting the costs faced by our young drivers

Cutting the costs faced by our young drivers

We all know that as a younger driver you will undoubtedly face higher car insurance premiums on our UK roads. Many will struggle to be able to afford these breathtakingly high costs as they enter the world of adulthood and make ends meet. Whilst we agree that as inexperienced car drivers they face certain risks when driving, an awareness of the road around them which gets better as they becomes more experienced, is it really fair to apply such staggeringly high prices?

Well, things could set to change with advances in technology that improves their driving styles. Yes new tech is set to lower their costs and younger drivers have seen a fall of 5.5% in their insurance bills. Great, when compared to older drivers who premiums have risen over the years recently.

So what is this new technology that has helped lower the amount young drivers are having to pay Well, it seems the development of the Black Box has been one of these factors which has had a significant effect. Telematics as it is also known has become more widespread in its use which records a driver’s driving style whilst they are behind the wheel. Factors such as the time of the day they drive, the day of the week itself and how they handle the road as well as the speed they drive are all considered and will alter the level of the risk that they pose whilst driving.

This means that instead of having to pay a high cost just because they are young, it looks at individuals themselves instead of a ‘one size fits all’ approach. According to the Executive of Consumer Intelligence this latest innovation has had a profound effect on the amount younger drivers pay out and makes a massive difference to their policies.

On average younger drivers are still having to pay more in their car insurance than other age groups but these costs are falling. A typical annual insurance premium is currently around £600 for fully comprehensive cover whereas as the cost faced by a young more inexperienced driver is an average around £1700 if they are under 25 years of age.

As far as I can recall my insurance costs as a younger driver back in the day was a fraction of this and yes my premium has gone done steadily over the years thank goodness as I become a more experienced driver. However on looking into the cost of insuring my daughter I was staggered to find that she was recently quoted £2000 for her insurance, more than the cost of the second-hand car I was considering buying her!

Taking into account the increased likelihood of her having an accident we also have to consider equality and the unfairness of penalizing our younger drivers just because of their age, after all, isn’t this age discrimination? Does the ability to read the road and the actions of other drivers around us come with age? Will a mature person passing their driving test later in life face the same higher costs as their younger counterparts?

Overall, insurance premiums have increased and may argue that they are out of control.

Cutting costs for young drivers
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Cutting costs for young drivers
how much, why do young drivers pay so much and what can be done to help them?
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Car Loans
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