Insurance premiums drop for young drivers

Insurance premiums for young drivers have fallen to their lowest level since the start of 2024.

That was according to price comparison website Quotezone, which revealed that the average annual policy for 17-24 year olds had dropped to £2,901 in May.

This was over £150 cheaper than the highest premium of £3,055 so far this year, which was recorded in February.

A sample of over 100,000 UK car insurance policies from January to May 2024 was used for the data, which was published today (24 July 2024).

Greg Wilson, chief executive of Quotezone, said: “Our most recent data shows a welcomed saving.

“Whilst there’s no guarantee that these premiums are going to continue to fall, it’s certainly a step in the right direction.”

Comparison

While there was a drop, however, data also showed that young drivers were paying the highest average premiums across several regions.

For example, in London young drivers could expect pay over 78% more in comparison to a motorist aged 45 to 65.

This trend was also present in cheaper regions, such as Northern Ireland, where motorists aged between 17 to 24 are paying £1,842.25.

In comparison, motorists aged between 45 to 64 are paying £476.18.

Wilson said: “Young drivers normally have to pay more for their premiums as they have less experience – something insurance providers use to base their risk analysis on and determine costs.”