'Boy racer' reputation hits young male motorists' pockets

Car insurance premiums for young male drivers are 79% higher than those paid by young women, according to new figures published today.

Easier Finance cites research by moneysupermarket.com, which found that the cheapest premium for an 18-year-old male was £4,897, with the average premium for men of that age standing at £7,917.

In rather stark contrast, the average premium for an 18-year-old woman was found to be £4,422. However, insurance costs for young men do eventually drop as they gain more driving experience, with average premiums falling by 53% to £3,711 by the age of 19.

Insurance quotes for male drivers continue to fall as they move from their teens and into their twenties and thirties, but it is not until they reach their fifties that they begin to pay less than women.

Young male car buyers have long had to pay higher premiums than their female counterparts, but reasonable quotes can still be found if young motorists are prepared to shop around, take advanced driving courses and drive smaller-engined cars.

Steve Sweeney, head of moneysupermarket.com's car insurance division, said that while there was little young male drivers could do to change their image as risk-takers, there were still ways to keep insurance costs down.

"Young male drivers traditionally bear the brunt of a 'boy racer' reputation through the cost of their premiums," Every Investor quoted Mr Sweeney as saying.

"While it will be hard for younger drivers to find competitive cover, there are ways to cut the costs, such as adding a parent to their policy or looking at insurers who target young drivers," he added.

 

Martin Broadwell, Leicester, Vauxhall Zafira

Marion Jones, Clynderwen, TOYOTA PRIUS T SPIRIT