The UK Automobile Association recently reported the biggest car insurance rate hike ever in the history of its market tracking efforts, with the hardest-hit consumers being young motorists.
In the 17-22 year old age bracket, research findings indicate that even relatively discount car insurance for young drivers has risen by 47 per cent in the last 12 months.
Young males particularly are caught having to pay the most, as figure of £2,457 was calculated by averaging car insurance quotes from the three cheapest insurers available, which is nearly twice as much as the premiums that young female drivers would have to pay, the AA commented.
The culprit behind these insurance costs? It turns out that a recent surge in the number of personal injury claims made sustained in a motor vehicle accident is to blame.
The AA’s insurance director, Simon Douglas, commented, stating that claims can be as high as £15 million, if an accident has the unfortunate consequence of leaving someone with a disability, and statistically it has been young men being involved in such incidents at nearly double the rate as their female counterparts.
The end result of these rate hikes has been to not only burden young drivers with a huge cash expenditure but to actually make the act of driving itself too costly for others unable to gather such large sums of money.
One such young driver, a heating engineer from Middlesex named Ryan Bird, recently told the BBC that his £700 Ford Fiesta had a £2,100 yearly insurance premium, because he’s 20 years old.
Mr Bird likened the experience to being robbed in broad daylight, stating how many acquaintances of his can easily afford to keep a car running but fall flat when it comes to paying the price of the insurance associated with it.