73 % of younger drivers worry insurance coverage prices will put them in debt

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Insurance coverage worth comparability web site Examine the Market has revealed that automotive insurance coverage costs have elevated by £658 in 12 months for younger drivers.

In keeping with a research revealed by the corporate, drivers aged between 17 and 24 pay, on common, £1,929 for 12 months automotive insurance coverage, in comparison with £1,271 throughout 2022.

Julie Daniels, motor insurance coverage skilled at Examine the Market, said that the rising price of automotive insurance coverage is placing many younger motorists in debt.

She defined: “The speedy rise in the price of automotive insurance coverage means many younger drivers are discovering it tough to remain on the street.

“Concerningly, some are needing to chop again on seeing family and friends or anticipate to tackle additional debt to maintain driving.”

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In a current survey, 73 % of drivers below 25 admitted to caring that insurance coverage might worth them out of having the ability to drive.

Already, practically 1 / 4 of the drivers stated they’ve struggled to afford their insurance coverage invoice previously six months, with 59 % set to tackle debt to afford their subsequent premium.

While various elements have precipitated automotive insurance coverage costs to extend dramatically throughout 2023, it’s partially resulting from an increase in the price of automotive mechanics and spare components, making it costlier to repair a broken car.

Julie really helpful that younger drivers seeking to purchase or renew their automotive insurance coverage ought to store round for the very best deal.

She added: “It’s worthwhile for individuals to contemplate in the event that they’re in a position to encourage or help any younger drivers they know to search for financial savings on-line.

“Procuring round for a less expensive coverage is likely one of the greatest methods to try to get monetary savings on automotive insurance coverage. Switching to a telematics coverage can also be a extra inexpensive possibility for some younger motorists.”

Drivers of all ages are in a position to avoid wasting cash on their subsequent automotive insurance coverage premium by buying it a number of weeks earlier than it is because of start.

In keeping with monetary skilled Martin Lewis, the optimum time to purchase automotive insurance coverage is 23 days earlier than the present coverage is because of run out, with some drivers claiming to have saved hundreds by following the tip.

Automotive consultants additionally urged that motorists ought to add one other named driver to their coverage if they’ve expertise behind the wheel as a protected driver.

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