While car insurance rates are going down overall after years upon years of massive increases, some motorists – such as young men – are being quoted more than £5,000 for an annual insurance policy, experts say.
It hasn’t just been younger males that have found it impossible to find discount car insurance for young drivers. Research shows that younger women – a class of drivers that has traditionally experienced much less expensive premium pricing – have seen marked price increases in several regions.
By the end of last month, average annual motor car insurance costs for comprehensive cover stood at £816, researchers say. Rates for the average male increased slightly by 1.8 per cent to £869, while the average price for females across all age groups actually increased by 3 per cent to £751.
Even with the overall price drops, insurance is still 61 per cent more expensive than it was in December of 2006, according to research. The most expensive place to get insured – especially for young males – is the Merseyside/Manchester area, where a male driver between the ages of 17 and 20 could be quoted as much as £5,530 for a year’s worth of cover.
Meanwhile, inner London was found to be the worst location for women, as female drivers living there can be charged as much as £3,181 for cover. Some places in the UK saw rates charged to older women increase dramatically, with women between the ages of 66 and 70 experiencing a 9.7 per cent rate hike in some regions.