Although costs have been falling since 2012, the price for young drivers to get on the on the road is still more than £6,000.
A report from GoCompare found that costs for young drivers in their first year on the road has fallen to £6,071 for 2019 – £775 down from 2018.
That fall has been attributed to drivers spending less on their first car – £3,562 compared to £4,276 in 2018 – while the average insurance premium for a 17-year-old driver has also fallen from £1,852 down to £1,737.
That latter figure has been consistently falling since 2012, with the number down 48.8 per cent from £3,392 in that seven-year period. This was calculated by analysing 2.3 million insurance quotes for young drivers.
Lee Griffin, GoCompare founder and chief executive, said: “At around £6,000 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.”
March 2, 2020