Insurers need to introduce ‘travel to work only’ car insurance rates for young Brits between the ages of 17 and 24 in order to keep motoring costs down to a reasonable level and enable them to travel farther in search of a job, according to Mr Woodcock in a recent statement at a conference hosted by the Association of British Insurers. The speech has spurred industry experts to welcome the possibility of further debate, offering several tips aimed towards providing younger motorists help in reducing the costs of their insurance cover. Until such time that insurers choose to provide such reduced cover for younger drivers, expert say that there are quite a few practical steps that can be taken to help manage motoring costs, such as considering telematics-based cover or choosing a car that insurers view as carrying less inherent risk to cover.
The advice offered also suggested finding an insurer that will permit you to pay in monthly instalments or will reduce your premium if you take additional driving qualifications as possible ways to save some cash. Young drivers have been increasingly put-upon when it comes to finding affordable cover as of late, with the past 18 months seeing their premium prices increasing by more than 50 per cent.
This has resulted in younger Brits living in areas with poor links to public transport or out in the countryside into seemingly impossible situations, as the cost of keeping a car can grow to exorbitant prices in situations such as those. Many young adults face the possibility of giving up their dreams of having their first car due to these eye-watering costs, yet to go without could mean their ability to find and keep a job is effectively nil.