Car insurance premiums for young drivers aged 17 to 29 are falling, according to new figures from Quotezone.co.uk.
The car insurance comparison website recorded the largest decrease for the 17-21 age group with a drop of 14% in average premiums from 2020 to 2021 – from an average of £1,173 to £1,008 this year.
Quotezone.co.uk found that drivers aged 22-25 were now paying an average of 6% less for their cover – falling from £833 in 2020 to £783 this year.
The firm says its research, based on a sample of over 50,000 car insurance policies, shows that 17 to 21 year olds still pay an average of 38% more than other young drivers, and that new drivers across the 17 to 29 age group pay on average 53% more than experienced motorists.
Quotezone.co.uk’s research reveals that newly qualified motorists can expect to see their car insurance premiums drop by an average of 29% after they’ve been driving for two years with no insurance claims.
The insurance specialists say that there was a 12.6% fall in new younger drivers in 2020, and for motorists aged from 17-21 the drop was 42%.
Quotezone.co.uk’s Founder Greg Wilson comments: “Young drivers, particularly those aged 17 to 21, have had a tough year with driving lessons and testing on hold, and now delayed. We expect the volume of young drivers to surge, once the queue for testing settles down, as people have had more time at home practicing their driving skills with friends and family.
“In terms of car insurance costs, it’s welcome news that premiums for this age range have fallen – it can often be expensive given their inexperience. Average premiums start to fall by nearly a third as drivers gain more time behind the wheel – especially if they have two years driving safely with no claims made.
“There are things brand new drivers can do to help them find the most competitive quotes though, such as choosing a car with a smaller engine, avoiding modifications, parking in a garage or on a private driveway, and opting for a telematics product which allows them to showcase their safe driving right from the get-go. Drivers can compare all these options on our comparison site, so they can see which providers are offering the best extras and the lowest cost.”
Quotezone.co.uk offers specialist cover for learner drivers, temporary learner insurance and for young driver insurance. It helps around 3 million users every year find better deals on their insurance, with over 400 insurance brands across 60 different products and is recommended by 97% of reviewers on Reviews.co.uk.