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Average car insurance cost for newly-passed 17-year-old driver ‘tops £3,000’

A 17-year-old who has just passed their driving test faces paying £3,075 on average for their insurance, data from Compare the Market (Rui Vieira/PA)
A 17-year-old who has just passed their driving test faces paying £3,075 on average for their insurance, data from Compare the Market (Rui Vieira/PA)

A 17-year-old who has just passed their driving test faces paying £3,075 on average for their insurance, data from a website indicates.

This is a £1,071 increase on the typical cost of car insurance for a 17-year-old last year, which was £2,004, Compare the Market said.

The website compared quotes for March 2024 with March 2023, based on its customers’ searches and the quotes generated.

Average quotes are lower for new drivers who are slightly older, the research found.

The average premium this year for a 22-year-old who has just passed their test was put at £2,503. For a 27-year-old who has just passed their test, the typical price was £1,986.

Across all ages, the average cost of car insurance for a driver with a provisional licence was £726, increasing to £2,731 when a driver passes their test and receives a full licence.

Car insurance is more expensive when drivers pass their test because they are no longer being supervised by an experienced driver – but the cost of car insurance is £771 cheaper after a motorist has earned a year of driving experience, the website said.

Julie Daniels, a motor insurance expert at Compare the Market, said: “The significant increase in the cost of car insurance could make driving prohibitively expensive for lots of teenagers.

“Newly-passed 17-year-olds must now pay more than £3,000 on average for their first year’s car insurance. This will put substantial strain on their or their parents’ finances.

“However, premiums for new motorists with no claims should then hopefully fall in subsequent years.”

She added: “As the cost of car insurance continues to increase, it may force some potential young motorists to delay learning to drive.

“For those eager to get on the road sooner, choosing a telematics policy may be a good option for some young motorists, whose premium could be reduced if they demonstrate they are a safe driver.”

An Association of British Insurers (ABI) spokesperson said: “Insurers appreciate the freedom and independence that driving offers young people. However, insurance will always reflect the risk and younger drivers are more likely to be involved in accidents, with drivers aged 17-24 making up 7% of licence holders but being involved in nearly 24% of fatal and serious crashes.

“Motor insurers have been facing significant cost pressures in recent years, with an EY study estimating that in 2023 for every £1 received in premiums, insurers paid out £1.14 in claims and expenses.

“However, the industry is committed to doing all it can to support motorists and we have published a 10-point plan which sets out steps that the industry and government can take to tackle insurance costs for all drivers, including a call to introduce graduated driver licencing to improve road safety.

“Young drivers looking to manage their motor insurance costs should speak to their insurer to see what options might be available to help them, such as considering telematics or an approved driving course.”