Young drivers feel they are being driven to buy older, cheaper vehicles because high insurance premiums on newer, safer cars are pricing them out of the market, according to new research.
Nearly 50% of young motorists feel forced into purchasing ‘less advanced’ vehicles and believe that this is the primary factor for the high number of fatal or serious accidents among drivers aged 24 and under.
The research, carried out by car manufacturer Alfa Romeo in partnership with car insurer, Marmalade, identified that young drivers feel ‘persecuted’ as a majority for the actions of a minority.
According to figures published by the Department for Transport (DfT), in relation to road accidents in 2011, drivers aged 17-24 are involved in 18% of all road traffic accidents. Reported incidents involving fatalities among young drivers accounted for 22 per cent of all deaths in 2011.
Regardless of the evidence provided by the DfT, 63% of the young drivers participating in the research believe that it is unjust for young drivers to incur higher insurance premiums based on their age.
At present, the average annual cost of insurance for women aged 17-20 stands at an all-time high of £2,256, which represents an increase of 20.7% compared with average costs in 2012. For men aged 17-20, the annual insurance cost fell by 21.6% following the introduction of the EU gender ruling, implemented at the start of 2013. This ruling made it illegal for insurance to be priced according to sex.
Out of the 1,300 drivers surveyed, nearly all of the drivers aged 17-24 indicated that having a car was extremely important to them, claiming that it provides them with a sense of independence and freedom. A further 70% even considered car ownership a rite of passage for young adults.
A staggering four out of five survey participants said that they are reliant on their parents for financing the purchase of a first car.
The increasing cost of getting young drivers insured and on the road has led to the introduction of a new type of insurance modelled on ‘black box’ technology.
Telematics involves a device that is fitted to a vehicle to monitor driving patterns. If you’re deemed to be a safe driver, premiums will drop. However, those drivers considered irresponsible run the risk of increasing their insurance costs.
When quizzed as to whether they would object to their parents monitoring their driving, if it resulted in cheaper insurance premiums, 78% of the participants said they would not object.
In a statement from the Head of Brand at Alfa, Damian Dally, he said: “Young drivers are having to pay increasing amounts of money just to get behind the wheel of a car and often a new car is totally out of the question, despite the obvious benefits of safety, efficiency and modern technology.â€
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Tags: Car Insurance, Driving Insurance, Young Person Insurance
