Younger Brits getting hosed on their insurance costs

Everyone knows it’s nearly impossible to find discount car insurance for young drivers in the UK, but a new survey recently highlighted just how badly the nation’s younger generation is getting hosed when held up against other age groups.

Much has been said about the exorbitant costs facing younger Brits, with even Government ministers growing a bit tetchy at how car insurance companies are soaking inexperienced drivers.  The average price of annual comprehensive cover is nearly £2,500 for someone between the ages of 18 and 21, which is nearly 20 per cent of the average salary of a new driver, according to research.

However, much older drivers need to spend significantly less than this.  Divers between the ages of 66 and 70 are only charged an average of £440 for the same level of cover – which is just a bit over £1 a day, while motorists over the age of 70 pay an average of only £436 for annual cover.

Industry experts say that car insurance companies charge older drivers much less due to statistical risk assessment analysis that says they deserve the break, due to a combination of a tendency to own lower-powered vehicles, a proclivity to taking shorter trips, and in deference to a lifetime of motoring experience.  However, some argue that the natural degradation of the body that comes with age can counteract these advantages, as reduced eyesight and slower reaction speeds can lead to any number of accidents that could cost insurers quite dearly.

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