Recent research has found that car insurance costs have topped £4,000 for young drivers.
Conducted by Confused.com with Towers Watson, the Car Insurance Price Index found that the average policy for a single male aged between 17 and 20 is now £4,006 a year for comprehensive cover. This is the first time that the index has topped £4,000 since it began in 2006.
Gareth Kloet, head of car insurance at the price comparison website, commented: “For young male drivers it has never been more important to shop around for the best price.”
He added that around 50 per cent of under 25s could save up to £500 on their car insurance by comparing the best prices on the market.
However, the index also revealed a bizarre alternative way of lowering car insurance costs for young single men. If they are married and add their partner to the policy they will see costs fall by around £1,000.
Meanwhile, the average cost of comprehensive cover in the UK rose by £22 in the last three months and £170 in the last 12 months. Across all age brackets, it now stands at £858.
