Car insurance decreasing for young drivers
Consumer Intelligence has found drivers under the age of 25 are now paying 10.3% less than they were this time last year, dramatically decreasing the costs of owning a car.
Despite the good news for younger drivers, there are worries that the lower cost of insurance could have negative effects for older drivers on the other end of the scale.
Figures have shown that insurance premiums for older drivers have gone up over the last year, with many drivers over 50 now having to pay 5.3% more for their insurance during this time.
Over 50’s in general have seen less percentage decreases coming their way in recent years, the nationwide survey found.
Despite this, under 25’s still pay the highest average insurance premiums by far, with a cheapest premium of £1,628. This is still a lot more than it is for senior drivers, as the cost of learning to drive and buying a car is also a big factor.
Insurance experts claim that the reason for the fluctuating prices is the current increase in whiplash claims as well as the rise in “cash for crash” scams.