If you think you’ve got problems, just be glad you’re not a new driver: new research shows the average 18 to 21 year old spends just shy of £2,500 a year on their motor cover – which is nearly 20 per cent of the typical young Brit’s annual salary.
The average income for someone between 18 and 21 years of age in the UK is just shy of £14,000 – not exactly a lordly sum, but it’s enough to live off of if you’re frugal and careful – but younger Brits need every pound of that to make ends meet. This becomes exceedingly difficult when more than 18 per cent of that figure is swallowed up just by comprehensive car insurance – and this is just the average; young males pay much, much more than their female counterparts do typically.
As young males are considered to be more prone to taking risks behind the wheel that could lead to expensive accidents, car insurance companies classify them as more expensive to insure. This leads to an annual average cost of £3,635 – which risks pricing young men right off the road unless they can convince mum and dad to let them stay at home rent-free.
Meanwhile, older drivers are often given nearly a free ride by these same insurers when it comes to their comprehensive costs. The over-70 crowd pays around £436 on average for their annual cover, with the price for those between 66 and 70 being only £4 more expensive.
Insurers make the assumption that an older driver has shedloads of experience behind the wheel, experts say, which earns them the discounted rates. Yet nobody seems willing to take into account the ravages of time when it comes to older drivers, which suffer from slower reaction times and weaker eyesight and hearing than younger people.