GoCompare data* reveals young driver car insurance costs are falling: Motorway

11 November 2019, 09:41

GoCompare data* reveals young driver car insurance costs are falling

Revealed: The 10 cheapest cars to insure - experts name the ten cars which could reduce new driver premiums by up to a further 35%

  • Average fully comprehensive car insurance premium for a 17-24-year-old drivers falls to £1,453.31* - 6% reduction from 2018
  • Choosing the right car can reduce the average premium to £888* – saving a further 35%
  • Cheapest car for a young driver to insure is a Volkswagen Up!
  • Researchers find that the lowest insurance group doesn’t necessarily mean the lowest insurance premium

With the cost of getting a young driver on the road climbing to nearly £7000** this year, choosing the right car and car insurance can have a significant impact on how much new drivers must pay to stay mobile. The good news is that GoCompare has found average car insurance premiums for drivers under 25 are falling.

In the first eight months of 2019, the average comprehensive car insurance premium for a 17-24-year-old driver was £1453.31*, a fall of 6% from the same period of 2018 when the figure was £1,519.03*.

Experts at the price comparison website also delved a little deeper into the data to find the 10 cheapest cars for young drivers to insure, and whilst it’s no surprise that smaller engine ‘city’ cars top the list, it was also shown that the lower insurance group and lower Brake Horse Power (BHP), was the cheapest overall to insure.

Car

Insurance Group

Lowest average premium*

Volkswagen Up! 1.0 (59 BHP)

2

£888.00

Citroen C1 1.0 Vti (70 BHP)

7

£903.00

Skoda Citigo 1.0 MPi (59 BHP)

2

£913.00

Vauxhall Adam 1.2i (69 BHP)

2

£923.00

Fiat 500 1.2 (69 BHP)

5

£925.00

Peugeot 107 1.0 (68 BHP)

3

£937.00

Vauxhall Viva 1.0 (73 BHP)

3

£947.00

Ford Ka 1.2 (68 BHP)

3

£947.00

Hyundai i10 (1.0) 66 BHP)

2

£948.00

Peugeot 108 1.0 (68 BHP)

7

£968.00

Lee Griffin, founder, and CEO of GoCompare commented:

“Car insurance for young and inexperienced drivers can be eye wateringly expensive when you compare it to the premiums paid by older drivers with a few hundred thousand miles of motoring under their belts. However, as our research shows, it is possible to save hundreds of pounds as a young driver by doing your homework and comparing first cars as well as first car insurance.

“Sensible cars with smaller engines are generally a better option for new drivers but don’t assume that because a car is in the lowest insurance group, it will always be the cheapest to insure. It doesn’t always work like that. Combining the right car with other money-saving tips such as selecting a telematics, or ‘black box’ policy and adding someone with an established safe driving history to your policy as a named driver can also help to keep the costs of car insurance down. Treating yourself to a hot hatch or sports car is best left until you’ve gained a few years of experience behind the wheel and avoided any accidents.”

GoCompare’s car insurance experts have created a guide on the cheapest cars to insure, share top tips for saving money on car insurance and getting on the road and gathered a wealth of useful young driver information.  For more information visit the guide here: https://www.gocompare.com/car-insurance/cheapest-cars-to-insure/

-Ends-

For further information please contact:

Anders Nilsson or Louisa Marsden at GoCompare on 01633 654 054 / 01633 655 132

Gordon, Jason or Liz at MAW Communications on 01603 505 845

Keep up-to-date with GoCompare on Twitter; @GoCompare

Notes to editors

*Source –GoCompare data based on drivers between the ages of 17 and 24, between 1 January 2019 and 31 August 2019. Comprehensive quotes only.

**Source – GoCompare – Cost of Getting on the Road research – April 2019. It costs £6998.00 to get a 17 year old on the road.

GoCompare

GoCompare is a comparison website that enables people to compare the costs and features of a wide variety of insurance policies, financial products and energy tariffs.

GoCompare does not charge people to use its services, and it does not accept advertising or sponsored listings, so all product comparisons are unbiased. GoCompare makes its money through fees paid by the providers of products that appear on its various comparison services when a customer buys through the site.

GoCompare does not sell its customers’ data.

When it launched in 2006, it was the first comparison site to focus on displaying policy details rather than just listing prices, with the aim of helping people to make better-informed decisions when buying their insurance. GoCompare has remained dedicated to helping people choose the most appropriate products rather than just the cheapest, and has teamed up with Defaqto, the independent financial researcher, to integrate additional policy information into a number of its insurance comparison services. This allows people to compare up to an extra 30 features of cover.

GoCompare is the only comparison website to be invited to join the British Insurance Brokers’ Association (BIBA) and is authorised and regulated by the Financial Conduct Authority (FCA).

For more information visit www.gocompare.com and www.gocomparegroup.com

Contact Information

Louisa Marsden

Senior PR Executive

GoCompare

01633 655 132

louisa.marsden@gocompare.com