Young Driver Insurance Costs Fall

Young Driver Insurance Costs Fall

by Becky Harrison |
posted 19 October 2021

Car insurance premiums for young drivers aged 17 to 29  are falling, according to new figures from Quotezone.co.uk. The website recorded the largest decrease for the 17-21 age group with a drop of 14% in average premiums from 2020 to 2021 – from an average of £1,173 to £1,008 this year. 

Quotezone.co.uk found that drivers aged 22-25 were now paying an average of 6% less for their cover – falling from £833 in 2020 to £783 this year. The firm says its research, based on a sample of over 50,000 car insurance policies, shows that 17 to 21 year olds still pay an average of 38% more than other young drivers, and that new drivers across the 17 to 29 age group pay on average 53% more than experienced motorists.

The research reveals that newly qualified motorists can expect to see their car insurance premiums drop by an average of 29% after they’ve been driving for two years with no insurance claims. The insurance specialists say that there was a 12.6% fall in new younger drivers in 2020, and for motorists aged from 17-21 the drop was 42%. 

The site’s founder Greg Wilson comments: “Young drivers, particularly those aged 17 to 21, have had a tough year with driving lessons and testing on hold, and now delayed.  We expect the volume of young drivers to surge, once the queue for testing settles down, as people have had more time at home practicing their driving skills with friends and family.

“In terms of car insurance costs, it’s welcome news that premiums for this age range have fallen – it can often be expensive given their inexperience.  Average premiums start to fall by nearly a third as drivers gain more time behind the wheel – especially if they have two years driving safely with no claims made.  safely with no claims made. 

 

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Becky Harrison
Becky Harrison

Becky is part of the marketing team here at Money4yourMotors. Becky oversees a wide range of marketing activities including social media and content creation.