According to figures recently released by the AA, discount car insurance for young drivers has become slightly more accessible in the past few months than it has been.
Annual car insurance rates for drivers between the ages of 17 and 22 declined by 5.6 per cent in the second quarter of 2011 in comparison to motor car insurance costs in the first quarter, the AA found. Moreover, while it was discovered that annual premiums rose by 3.6 per cent across the board in the second quarter, this was the most modest quarterly rise on record over the past 18 months.
However, young motorists are still paying much more than the national average for insurance cover, even with the recent rate reduction. Whilst the all-age average cost for insurance is £924, those aged 17 to 22 can pay upwards of £2,200 for the same level of cover, with males paying nearly £2,900 to females coming in at a sum of almost £1,700.
Simon Douglas, insurance director for the AA, remarked that younger motorists have been on the receiving end of incredibly high premium prices for a very long time. While young drivers are responsible for the largest number of serious road traffic accidents (which drives premium prices ever higher), car insurance companies seem to have finally decided to ease off on rates in an effort to make the market a more competitive one, he also said.
From a regional standpoint, the largest car insurance premium hike over the last three months to June was London’s 4.8 per cent increase, leaving the average premium price in the capital at £1,069. The Border and Tyne Tees areas were found to have the lowest increase at only 0.7 per cent, according to the AA.
Overall the most affordable region was found to be Scotland, with an average premium cost of only £556. The most costly, at an average premium of £1,521, was found to be in north-west England.