You are here: Home - Insurance - News -

Men under 30 paying double for motor insurance

Written by:

Men in their twenties pay more than double for their motor insurance compared with those in their thirties, according to research by

The average premium for a man in his twenties was £1,123 which is 107% higher than the £543 average premium for a man in his thirties.

Women face far more affordable premiums a decade earlier, with the average quote for a twenty-something woman being £736 last year, 51% less than she would have faced in her teens.
Peter Gerrard, insurance researcher at, said: “It’s clear from these statistics that insurers view women as mature motorists in their twenties, while men have to wait a decade longer to have their boy racer premiums wiped out.
“Younger drivers often find it hard to get competitive motor insurance, as insurers rate them as a high risk group, but there are ways they can cut their insurance costs, such as adding a parent to their policy or looking at specialist insurers who target young drivers.
“Year-on-year figures show insurance premiums have dropped by five per cent, due to fierce competition in the marketplace. Motorists have also become more active in seeking out the best deals for them, adding higher excesses and being more accurate with their mileage details.”



Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Self-employed not prepared for retirement

Almost 6 out of 10 self employed people are over 50, but only a third (36%) are saving adequately for...