IAM: new drivers paying more than £12k a year on costs

According to new research from the Institute of Advanced Motorists, young drivers are paying in excess than £12,000 in a year to get behind the wheel for the first time in their lives – and trying to find discount car insurance for young drivers is just one of many problems.

The typical 17 year old male driver needs to spend £12,300 in total to get his first car on the road, including the costs of driving lessons and motor car insurance, the road safety charity said.  This figure significantly outstrips the average full-time salary for new and prospective drivers between the ages of 16 and 17, which was only £9,300 in 2009.

The lion’s share of the costs associated with getting a car on the road for a young driver is not the price tag of a first car, but the car insurance rates for the car, the IAM said.  The average price quote for a 17 year old male was £7,900 for comprehensive cover, while the typical cost of a first car was found to be only around £3,000; the rest of the £12,300 figure was comprised of the average cost of driving lessons and the costs of tax and MOT and driving test fees.

Younger males are the most expensive to insure due to their heightened risk profile.  However, legislation on its way by the end of next year will make the practice of using gender as a factor of determination for insurance premium prices illegal, which will most likely see younger female motorists paying more in premiums in order to comply with the new regulations.

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