A new report out today from GoCompare Car Insurance has revealed that the cost of getting a young driver on the road has fallen to £6,071.00.
The combined cost of a new young motorist learning to drive, buying, taxing and then insuring their first car has fallen by £775.00 in the last year from £6,846.00 to £6,071.00.
The drop is attributed largely to young drivers spending less on buying their first car (£3,562.00 compared to £4,276.00 in 2018) and the average car insurance premium for a 17-year old driver falling from £1,852.00 in 2018 to £1,737.00 in 2019.
In fact, analysis of over 2.3m car insurance quotes generated by young drivers using GoCompare reveals that the average lowest car insurance premium for a 17-year old driver has fallen by nearly 50% from £3,392.00 in 2012 to £1,737.00 in 2019.
Lee Griffin, founder, and CEO of GoCompare said: “At around £6000 the cost of getting a new driver on the road is a substantial drain on teenagers’ and their family’s finances. Although buying the first car still accounts for the majority of the initial expense, the first car insurance premium can also cost into the thousands. Hence why so many parents are dipping into their own pockets to help their children out.
“However, the surprising good news is that the cost of insurance for new drivers has fallen substantially since 2012 as the average premium is nearly half what it was eight years ago. The introduction of telematics or ‘black box’ style insurance which utilises the latest technology to monitor drivers and reward safer driving has undoubtedly helped to lower costs.
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