Up to half a million young drivers could be using the roads without insurance, but the high cost of driving is NOT an adequate reason for doing so.
Driving without insurance is illegal in the UK, yet more than one-fifth of drivers aged between 17 and 24 told a Comparethemarket study they know of someone in their age group that is driving without insurance due to the high costs involved.
However, it is possible for young drivers to bring the costs of their insurance premiums down – a necessity, given that the latest figures from the AA show that the average cost has spiked at more than £1,300.
Both London and Northern Ireland had higher rates of uninsured young drivers than other parts of the UK – it’s also worth remembering that those caught driving without insurance will face a minimum fine of £300, alongside six points on their licence.
Such a high proportion of young drivers being on the roads without adequate insurance will concern other road users too, as young drivers are statistically more likely to be involved in accidents and claims.
Comparethemarket found that the costs of insurance, when coupled with the price of petrol, repairs, maintenance and taxes, are proving unaffordable for many young drivers.
The study suggests that annual running costs for young motorists amount to an average of more than £2,400 – of which more than half is insurance.
As a result, many drivers are opting not to fix repairs or to have their vehicles serviced in a bid to save money, although there are alternative options.
Remember to shop around when looking for insurance, as Your Money suggests, such a move could save in the region of £300 annually.
Another option is to consider setting a higher excess on the insurance policy to bring the premium down, before then opting for an additional excess insurance policy to cover it.
Date Created: 01/03/2019