The new discovery was recently made by the joint Towers Watson/Confused.com insurance price watch list. This marks the first instance of motor car insurance premiums for young male drivers ever exceeding £4,000 annually since the inception of the price index in 2006.
This means that the average single young male Brit would face total costs of around £6,500 every year to both cover the cost of running the car combined with the £4,000 a year premium. To make matters even more bizarre, the price survey found that young married men within the age bracket in question saw their rates drop by an approximate £1,000 in the event that they added their partner to their policies.
Car insurance head for Confused.com, Gareth Kloet, said that it has never been more key than now for young male drivers to shop around for the best possible insurance rates. The car insurance comparison site’s research found that one half of those under the age of 25 could save as much as £556 a year on insurance simply by shopping around.
Not only young drivers have bad news heading their way, however. The average costs associated with taking out comprehensive insurance cover in the UK was found to be £858 as of the end of June, which represented a £170 increase in comparison to last year’s figures – and prices are continuing to increase despite the huge increase over the past 12 months.