Young drivers pay £500 more year on year for insurance

The cost of car insurance for young drivers has soared by £594 in just a year according to the Press Association.

The average premium now stands at a staggering £1,792, representing a significant year-on-year increase from the £1,198 drivers aged under 24 would pay in August 2022.

Car insurance now represents 63 percent of the total car running costs for young drivers.

Julie Daniels, motor insurance expert at Compare the Market, said: “Many young drivers will be worried about the soaring cost of car insurance in recent months.

Daniels added that young drivers unable to afford their premium should look at a telematics policy, also known as a black box.