Young men hit by car insurance
Young men hit by car insurance
Tuesday, 10 Jun 2008 08:43
New research finds younger, male drivers are forced to pay as much as 41 per cent more for their car insurance than older customers.
Research from MoneySupermarket.com finds younger drivers are forced to pay nearly half as much again as those just a few years older in their 30s.
The analysis of 12 million motor insurance quotes by the price comparison site over the past year reveals the average car insurance premium for a man in his twenties was £370.
This was some £108 more expensive than the £262 average for a man in his thirties.
"Young and newly qualified drivers have long been perceived as high risk by the insurance industry and often find it hard to get competitive motor insurance," said Peter Gerrard, head of insurance research at MoneySupermarket.
"But there are ways they can cut their insurance costs, such as adding a parent to their policy or looking at specialist insurers who target young drivers."
Women enjoy an even better deal than men - securing lower rates well into their fifties.
Female drivers in their fifties were paying £203 per year on average compared with £320 for a female driver in her twenties.
Similarly a male driver in his fifties was paying £199 compared to £370 for those in their twenties
The average quote for a twenty-something woman was £320 over the past year - 16 per cent cheaper than their male counterparts. Overall, men paid nine per cent more for their car insurance cover compared with women.
"It's also clear that insurers view women as far more mature motorists at an earlier age," explained Mr Gerrard.
"Older drivers generally find their cars cheaper to insure so this can make it tough for specialist insurers to offer better value for elderly drivers. Motorists who are prepared to shop around for the best deal each year will always come out on top, whatever their sex or age," he concluded.
Chris O'Toole