Insurance cost for young drivers matches university tuition fees

The IAM conducted a search for insuring a fictional 17-year-old driver and came back with a price just over £9,700

The driver, born on 03/03/1994, had held a full licence for a month and was after social use insurance on a 1.1 Kia Picanto which would be parked on street in Richmond upon Thames. There were no previous claims or offences and he was in full-time education with a part-time job.

The search, on one of the price comparison websites, returned annual premiums ranging from £7.0913.38 to over £9,700, which is the same cost as university tuition fees. The IAM are calling for insurance companies to review how they calculate premiums for young drivers as there could be “serious implications to the economy of young people who are unable to afford to drive and to road safety if drivers simply choose to forgo insurance”.

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