Gocompare Reveals Cover Cost Constraints For Young Drivers

A significant number of young drivers could be placing their finances under unnecessarily high pressure.

Such is the assertion of Gocompare, which reports that many motorists between the ages of 17 and 21 are choosing to get vehicles with large engines, which in turn are the most costly to get insurance for. According to the price comparison website, some 63 per cent of such drivers are attempting to get cover quotes for automobiles that either have an engine that is at least 1,250 cc in size or is one that has been modified.

And in facing higher insurance costs, consumers could find that other motoring expenses become harder to manage. This could cause difficulties in handling repair and MOT costs as well as loan repayments and credit card bills.

Research from Gocompare also revealed that 17 to 21-year-old men are more than twice as likely to have a car that has been modified than their female peers. The firm also suggested that the boy racer stereotype for young males motorists can be held up as true, as two-thirds of such consumers are reported to be driving vehicles with engine power of at least 1,250 cc, in comparison to 55 per cent of women.

Commenting on the figures, Hayley Parsons, chief executive of Gocompare, said: “While young drivers are savvy about using comparison sites to get a better deal on their insurance, the majority still havent got the message that small is beautiful when it comes to choosing a car. Young drivers find it notoriously difficult to find affordable car insurance, but comparison sites can help make a significant difference in getting these drivers on the road. Premiums for young drivers often represent a significant percentage of the value of their car, so shopping around for the best deal is essential and comparison sites can help take much of the leg work out of this.”

In a bid to lower the amount of money they have to shell out in motor insurance, the firm advised young drivers to take the Pass Plus training course as this can often result in lower premiums. Avoiding purchasing vehicles which have any modifications deviating away from the standard manufacture was also recommended.

However, Ms Parsons stated that one of the most effective means that motorists can lower their spending on car insurance cover is by choosing the right automobile. She suggested that not only does the initial value of a vehicle have an impact on premiums, but its overall performance and engine size can also have an effect.

No matter their age, those on the search for a new vehicle might want to consider applying for a car loan. By taking out this sort of loan, borrowers may be able to meet the cost of getting a car quickly, leaving them with an affordable rate of monthly repayment. The financial assistance on hand with such borrowing could also help consumers to purchase comprehensive car insurance. This could prove to be particularly helpful after a study by comparethemarket revealed that those in the north-west pay an average of 844 pounds for their annual car insurance, the highest amount recorded in the country.

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