Young Male Drivers Pay The Price For Their Car Insurance

Young male drivers have the ‘boy racer’ reputation and pay the price through the high cost of their car insurance premiums.

According to research by moneysupermarket.com, young male drivers pay on average 79% more than young women for their car insurance.

The research showed that the cheapest remium for an 18 year old male, driving a 2005 1.4L Ford Fiesta, is £4,897, the average premium is £7,917.

In contrast the average car insurane premium for an 18 year female is £4,422.

Once a young driver has a few years experience of the road there is a significant drop in the cost, even more pronounced as a driver moves from late teens to twenties and thirties.

Once men reach the age of 50 then they begin to pay less than their female counterparts.

Young drivers with a speeding conviction (SP30) will be penalised with around 8% added to the cost of the average premium for an 18 year old with one – that’s on top of the car licence points and on the spot fine.

Steve Sweeney, head of car insurance at moneysupermarket.com said “While it will be hard for younger drivers to find competitive cover, there are ways to cut the costs, such as adding a parent to their policy or looking at specialist insurers who target young drivers.”

Ways to help cut the cost of young driver insurance include drive a car with a smaller engine, make sure your car security is up to the mark, consider a mileage limit or only drive the car at certain times of the day and try and get a Pass Plus certificate.

For reference, as well as moneysupermarket.com there are other car insurance comparison sites, including comparethemarket.com, gocompare.com and quotezone.co.uk.

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