Average insurance prices for young drivers
It is a widely known fact that for the young driver today, the cost of getting on the road can be incredibly high. With survey results showing that young drivers are almost twice as likely to be involved in a collision as someone aged over 30, or three times more likely to be in an incident as someone aged over 40, this does not come as much surprise. However, the costs are not only accrued on this basis: being a newly qualified driver means they are without history of no claims bonuses, pushing prices even higher still.
According to research of the Co-operative Insurance in September 2011, assuming an 18 year old looks to buy a Vauxhall Corsa worth £1,450, their insurance bill would come on average to £2,294 for the year. On top of the prices of driving lessons, the price of their theory and practical tests, the finances involved are astronomical. Due to the EU Gender Directive, which took effect in December 2012, young women are no longer entitled to cheaper car insurance rates than young male drivers, meaning that the price of cover for female drivers rose a staggering 20.7% over the twelve month period, with the average price for women aged between 17 and 20 hitting £2,256 by April 2013.
According to research of the Co-operative Insurance in September 2011, assuming an 18 year old looks to buy a Vauxhall Corsa worth £1,450, their insurance bill would come on average to £2,294 for the year. On top of the prices of driving lessons, the price of their theory and practical tests, the finances involved are astronomical. Due to the EU Gender Directive, which took effect in December 2012, young women are no longer entitled to cheaper car insurance rates than young male drivers, meaning that the price of cover for female drivers rose a staggering 20.7% over the twelve month period, with the average price for women aged between 17 and 20 hitting £2,256 by April 2013.
The most common practice to reduce the cost of insurance is to cite additional named drivers on the insurance policy, typically parents with a good driving record and several years of no claims bonuses of their own. This is perfectly legal; what is not allowed is for the parent to be the main driver, and the young person named second, if in fact the vehicle will be primarily driven by the younger person. This is known as ‘fronting’ and is against the law.
