Just in case you were ever in any doubt, new research says young drivers – particularly male ones – are into fast, powerful cars. Even more worryingly, the trend shows no sign of slowing down, in spite of skyrocketing premiums and the refusal of some insurers to even quote for young drivers.
Gocompare.com says 63% of 17-21 year olds are looking for quotes for cars with engines over 1250cc or with modifications. That’s regardless of the fact that it can cost well over a 1,000 a year to insure a young, inexperienced driver – without a no claims discount – driving a car with a smaller engine.
Premiums are even higher if the car is a convertible, a sporting model or a 3-door ‘hot hatch’. According to one example we’ve seen Uswitch.com quoted 1,909 a year for fully comprehensive cover on a 2006 Renault Clio. This was for a 19-year-old on his parent’s policy, with one year’s driving experience and the car being kept on the road.
More and more insurers are refusing to quote for 17-year-olds. Those who have already withdrawn from the market include AXA, More Th>n, Sheila’s Wheels and esure. Norwich Union is also understood to be considering its position. The AA says that apparently 1 in 4 insurers won’t cover 17-year-olds.
The reason is simple. Young male drivers are a high-risk group, with 17-21 year olds statistically ten times more likely to be involved in an accident than their 30-year-old counterparts.
AA Insurance’s Simon Douglas says that the average insurance claim for a young male driver is almost 4,500, while for policyholders over 30 it is over 3,000 lower. With this age group accounting for insurers’ biggest losses it’s only natural that they receive the highest quotes.
But why are there so many boy racers burning each other up at the lights? Some research suggests the high risk associated with this age group is due to ingrained psychological patterns. Professor Geoffrey Beattie, author of the report Sex Differences in Driving and Insurance Risk, says showing off, flirting with danger and enjoying speed are all natural instincts that take time to change.
Whatever the reason, if you’re within this age group it is worth remembering that there are practical steps you can take to lower your premiums and put yourself in the driving seat. The most obvious thing is to opt for a car that is cheap to insure.
To help cut costs, insurer swiftcover.com recently put together a list of the top ten cheapest second hand cars to insure:
1. Smart Pure
2. Fiat Seicento
3. Skoda Fabia
4. Toyota Aygo
5. Nissan Micra
6. Citroen C1
7. Renault Clio
8. Suzuki Wagon R
9. VW Fox Urban
10. Peugeot 107
Other ways to cut your premiums include shopping around for a quote via an insurance comparison site and taking the Pass Plus advanced driving course.
You may not be in the fast lane, but at least you’ll be on the road.
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