It is common knowledge that young motorists in Britain today face by far the highest insurance premiums (149% above the average according to our research), but what impact is this having on the lives of young people also struggling financially with paying off expensive student loans, attempting to get on the property ladder and the rising cost of living?
Today we launch our exclusive research into the impact of the cost of driving on 17-24 year olds: the honcho Young Driver Rip-Off Report.
To uncover the hidden effects caused by high premiums, we commissioned a survey of 750 UK-based motorists aged 17-24. We asked respondents about everything to do with how the cost of driving affects their lives – from just how much they actually pay for their motor insurance, to how (if at all) they are able to afford it, and (when they have not actually been able to afford to drive) what impact this has on their lives.
The results make fascinating reading and show that more needs to be done to help young people overcome the negative impact of being priced out of having the freedom driving brings.
This report clearly identifies what the real life ‘young driver disadvantage’ actually looks like – including its far-reaching effects that have an impact on everything from people’s social lives and self-esteem, to education and job opportunities. Crucially, we’ve also identified a number of ways in which the insurance industry is not necessarily helping its youngest drivers, as well as some shocking gaps in young drivers’ knowledge about how to ascertain the best deals.
We hope both young drivers themselves and stakeholders from across the insurance industry find the results as insightful as we did.