Car insurance costs now over £4,000 threshold

New figures reveal that some younger drivers face car insurance costs of more than £4,000, with the average male between the years of 17 and 20 expected to pay £4,006 per year for a comprehensive premium.

According to a leading finance portal, car insurance costs for young male drivers reached their highest in five years to break the £4,000 threshold, with the cost of running a car now put at £6,500 per year for the average male driver aged 17 to 20.

Some experts expressed concern that younger male motorists may be being forced off the road by increasing car insurance costs and petrol prices, particularly as the average male aged 17-20 earns just over £15,000 when working full-time.

Female drivers, on the other hand, pay just £2,151 on average for comprehensive car insurance.

Gareth Kloet, a car insurance expert, encouraged young male motorists to compare car insurance policies in order to save on the cost of car insurance.

"For young male drivers, it has never been more important to shop around for the best price," he said.

Experts also said some young males who are married have saved up to £1,000 on their car insurance by adding their partner to their policy.

However, some insurance providers have expressed concern that many younger male drivers will choose to drive illegally, without car insurance, when faced with costs in excess of £4,000. UK law now requires motorists to have their cars covered with insurance at all times if on the road.

Wed, 03 Aug 2011 08:01:00 GMT