The average cost of car insurance for young drivers has now risen to £1000. Our new research shows that the average car insurance premium across all age groups is at its highest since 2012- with those under 25 fairing worst. In fact, those young drivers that aren’t shopping around for cheap car insurance could be left with a bill of over £1230.
The latest report, Premium Drivers, takes a look at the competition within the car insurance market to see just how much money our customers can save by getting a quote with us. We compare the average renewal price** you are sent by your insurers with the cheapest price you are likely to find on a price comparison website. This helps us to say, with confidence, whether you’re likely to find a cheap car insurance when you quote with us.
In our latest research we’ve found that the difference between these 2 prices is on average £107.71 per motorist. Which means that people of any age could be paying more than they need to for their car insurance if they are simply accepting their renewal quotes.
And as we alluded to earlier, under 25s could, in fact, be paying even more than that. The average renewal quote** for young drivers was over £1230 with the average cheap or ‘shop around’ quote coming in closer to £1000. Meaning that under 25s could stand to save an average of £235 by looking around for their car insurance.
Telematics policies, or black box policies as they are sometimes known, are a type of car insurance that is directly affected by the way you drive. By installing a small box or monitoring system in your car, your insurance company can gather information about the type of driver you are. If you’re a safe and careful driver this could result in a cheaper insurance quote when it comes to renewal.
So with car insurance prices on the rise, and under 25s the most likely to suffer, it’s important to make sure we’re all shopping around when we’re buying our policy. Taking 10 minutes to compare cheap car insurance once you’ve received your renewal notice, could save you money.