Annual Car Insurance hits £4k for drivers under 21
Being male, single and less than 21 years old is the worst combination if you want to pay a reasonable price for your annual car insurance.
Recent research has found that £4,006 is the average amount men in this bracket have to pay for their annual car insurance.
The cost for women within this age group (17-20) compares favourably at just £2.151 on average.
In order to cover the costs of driving and insurance, a young male driver is looking at spending around almost half the average salary of full time employees at this age, a total of £6,500 a year.
Despite this trend, according to a leading price comparison website, it appears that young men who are married and add their partner to the policy can see their annual car insurance drop by around £1,000.
The report also shows that insurance prices have risen for drivers in general, marking a year on year rise of £170. The average cost of a comprehensive car insurance policy across the UK now stands at £858 (as of the end of June 2011).
Those aged between 29 and 33 have felt the price hike more than others as the biggest increase has been seen in this age bracket. Drivers in Northern Ireland have also been hit particularly hard with a staggering 5.1% increase.
The increasing cost of car insurance – as well as petrol – has been driving motorists off the road in recent times.
With the average car owner now spending around £1,700+ a year purely on fuel, half of motorists are planning to swap to a more fuel efficient car.
In addition, a total of 65% of motorists said that record fuel prices along with the rising cost of car insurance will impact their choice when it comes to purchasing their next vehicle.
If any of this applies to you, a payday loan could help to handle the high expenses that owning a car brings with it.