Young men bearing the brunt of insurance increases

The last few years have seen young male drivers bearing the largest burden when it comes to motor car insurance cost increases, as massive car insurance rate hikes have led to many young men being priced right off the road or even driving without insurance.

The last two years have seen discount car insurance for young drivers – particularly males – completely evaporate, as men between the ages of 17 to 22 have seen increases as high as 40 per cent to their average quotes, the AA says.  Meanwhile, even slightly older male motorists are experiencing rate hikes nearly as costly, with those between the ages of 23 and 29 seeing their rates increased by 35 per cent on average over the past two years.

Industry experts say that eye watering insurance costs have aided in pushing up the number of uninsured motorists on the nation’s roads, especially since many younger drivers have no choice but to drive in order to reach their place of employment in places with insufficient transport links.  However, even meagre wages are not enough to pay their insurance costs and their other bills, and more uninsured motorists on the road means an increased number of costly accidents that must be paid for by the insurance industry at large.

However, insurers are attempting to turn the tide on insurance costs in an effort to ease the pressure felt by younger male motorists through new technology, such as telematics, that will result in less expensive cover for drivers that can prove they are responsible and safe behind the wheel.

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