Whilst over the past calendar year the average car insurance quote has grown by 37.5 per cent, motorists which have been holding out for some good news may be gratified to know that the rate hikes seem to be losing steam finally.with premiums now standing at £650 on average.
While the current average for premiums coming in at £650, cheap car insurance for young drivers – the 17 to 20 year old crowd – have experienced an unprecedented hike of £617 over the past year, whilst those thinking to save some cash by choosing a third party, fire, and theft policy are even worse off: cover for TPFT has risen not only 11.7 per cent over the past three months but has gone up 54.2 per cent over the last twelve months as well.
Confused.com head of motoring, Darren Black, stated in a recent interview that despite the poor news for consumers, the potentiality of an end to the bad times may be just on the horizon.
Unfortunately car insurance companies have hung young drivers out to dry with exorbitant premiums rising across the board both in the type of insurance they can choose from and also by a targeted effort at their age group as well.
Young males especially are suffering at the hands of motor car insurance providers, as young women typically pay much less for car insurance – enough that accusations of gender bias have been leveled. Car insurance companies are quick to note that males are not being charged higher premiums than women due to sex discrimination but because of the statistical tendency that suggests women tend to have less expensive, smaller accidents on average.
Even the parents’ of young drivers have felt the wrath of insurance providers, as the companies are so worried that these older drivers will potentially front for their offspring in order to alleviate some of the burden inherent in the rate increases for their children that these insurance providers have actually increased insurance rates for anyone choosing to add an additional driver, besides their spouses, to their policies; Men and women in the 46 to 50 year old age range with policies that include themselves plus one other have seen respective increases of 65.6 and 60.3 per cent over the last year.