Young motorists aged 17 to 20 are bearing the brunt of soaring car insurance premiums, with average annual costs for 18-year-old drivers now exceeding £3,000 for the first time, according to data from the comparison website Confused.com.
The average price of insurance for all drivers is at a record high of nearly £1,000, but those aged 17-19 have seen their premiums rise by over £1,000 year-on-year. For 17-year-olds, average premiums are now £2,877, up 98% (£1,423), while 18-year-olds face an 84% (£1,447) increase to £3,162.
Lancashire-based Charlie Michael Baker, 17, who passed his test earlier this month, was quoted £7,000-£8,000 to insure a secondhand Kia he bought for just over £4,000. Despite earning money from social media, he finds the cost prohibitive for most teens: “I can afford it because I do Instagram as a job but most 17-year-olds are not going to be able to.”
The high premiums reflect the greater risk posed by young drivers, who make up 1.5% of licence holders but are involved in nearly 12% of fatal and serious crashes, according to the Association of British Insurers (ABI). Insurers warn against “fronting” – adding an experienced driver as the main policyholder – as this constitutes fraud and can result in prosecution.
Legal ways to reduce costs include increasing voluntary excess, completing approved driving courses, and shopping around for quotes. Confused.com data for late 2023 shows the Fiat 500 Lounge as the cheapest car for a 17-year-old to insure, followed by the Mini Cooper and the Fiat 500 Abarth 595.
