Is your car your pride and joy, or are you ready for a change? Let us know and you could win a £300 John Lewis voucher | No thanks

Young driver cover costs revealed in study

Mon, 30 Jun 2008
Research into the cost of car insurance for young people has found that they pay for a significant proportion of the market.

According to statistics from uSwitch.com, people under the age of 25 currently make up close to 22 per cent of the total amount the industry makes.

The figure comes despite the fact that young motorists make up only seven per cent of people purchasing cover, the company added.

Insurance expert for the firm Ashton Berkhauer remarked that people should do some research before they settle on a deal that is good for them.

"Young drivers must do their homework first and shop around to make sure they find the best cover and policy features to suit their needs and budget," he said.

The Motley Fool has reported that uSwitch.com recently told drivers going abroad this summer that they could pick up additional charges if cover companies view their trip as a risk.

Are you buying or selling? Click here to find out what Honest John has to say.ADNFCR-1081-ID-18662016-ADNFCR

Comments

Add a comment

 

Ask Honest John

Value my car

Amount to borrow
Sorry. The minimum loan amount is £1000
To pay back over

My credit score

Best available rate 9.20%

Total repayment £8,930.17

Total cost of credit £1,430.17

£186.05

48 monthly payments

Apply now

Representative example

Borrowing £7,500 over 4 years with a representative APR of 25.4%, an annual interest rate of 25.4% (Fixed) and a deposit of £0.00, the amount payable would be £239.77 per month, with a total cost of credit of £4,008.96 and a total amount payable of £11,508.96.

CarFinance 247 Limited is acting as an independent credit broker

Universal Square, Devonshire Street North, Manchester, M12 6JH