Car insurance for young drivers down £160
New research has revealed that car insurance for young drivers has fallen by an average of £160 a year.
According to price comparison website Compare the Market, average premiums for drivers under the age of 25 have fallen from £1,929 in October 2023 to £1,769 in October 2024.
This was the third consecutive month of falling prices.
The news comes after a Compare the Market survey revealed that 75% of young motorists have struggled with driving costs, with 31% admitting they have found it difficult to pay premiums in the last six months and 60% planning to take on further debt to pay motoring costs – which has been recorded as an average of £2,829, according to analysis by Compare the Market.
This is actually £280 lower than the same time last year, with the decrease attributed to falling fuel prices.
Julie Daniels, motor insurance expert at Compare the Market, said:
“Young drivers will welcome falling insurance premiums, as motorists in this age group typically face higher premiums. However, motor premiums remain historically high, and many young drivers will still struggle to pay more than £1,500 for car insurance, so it is important they compare prices online before renewing with their existing insurer.”
