Young drivers to get cheaper car insurance

Young drivers could soon have access to cheaper car insurance quotes as the government plans to announce new measures this summer to minimise the age-based prejudice on the road.

New research from uSwitch has found that young motorists pay £940 million more for their car insurance even though they make up just seven per cent of the car insurance market.

Also younger drivers pay on average up to 116 per cent more for an individual car insurance policy compared to other motorists and some fail to be offered car insurance altogether.

However, if the government does implement the changes to a young person's car insurance under the Equities Bill this could lead to a rise in car insurance for lower risk safer drivers.

Ashton Berkhauer, insurance expert at uSwitch.com, said: "Insurers have to price by risk and there is clear evidence that younger drivers are more of a hazard on the roads.

"If the Bill calls for pricing to be equal across age groups this could lead to a rise in premiums for lower risk, safer drivers, who would effectively be subsidising their higher risk counterparts."

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