Cost of Being A Young Driver

The cost of being a young driver has risen significantly in the last few years. It is well known that car insurance for youngsters has become extortionate in recent years, with most young drivers spending well in excess of £2,000 a year on car insurance. However, according to recent research the exact figure has fallen since 2009. The average figure for young driver car insurance currently stands at £2,232 in comparison to £2,455 in 2009.

In fact, this is not the main expense for young drivers with car insurance only making up a third of a total bill. Another element to the cost is learning to drive, but again this is a small fraction of what is costing young drivers. The most significant expense seems to be young drivers, or their parents, splashing out on a first car. The average cost of a first car has gone up to £3,825 which is a vast increase in recent years.

In a survey of 2,000 parents, almost two third said their contributed to their children’s driving lessons, a third paid towards the cost of a car and 30% helped with insurance costs. The key to decreasing costs seems to be in choosing a car wisely (not going for the most expensive models!) and shopping around for insurance. These figures are average ones and those who pick their car and insurer carefully can find themselves spending less than £2,000 in total.

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