Insurance price comparison website Compare the Market has revealed that car insurance prices have increased by £658 in 12 months for young drivers.
According to a study published by the company, drivers aged between 17 and 24 pay, on average, £1,929 for 12 months car insurance, compared to £1,271 during 2022.
Julie Daniels, motor insurance expert at Compare the Market, stated that the rising cost of car insurance is putting many young motorists in debt.
She explained: “The rapid rise in the cost of car insurance means many young drivers are finding it difficult to stay on the road.
“Concerningly, some are needing to cut back on seeing friends and family or expect to take on further debt to keep driving.”
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In a recent survey, 73 percent of drivers under 25 admitted to being concerned that insurance could price them out of being able to drive.
Already, nearly a quarter of the drivers said they have struggled to afford their insurance bill in the past six months, with 59 percent set to take on debt to afford their next premium.
Whilst a number of factors have caused car insurance prices to increase dramatically during 2023, it is partially due to a rise in the cost of car mechanics and spare parts, making it more expensive to fix a damaged vehicle.
Julie recommended that young drivers looking to buy or renew their car insurance should shop around for the best deal.
She added: “It’s worthwhile for people to consider if they’re able to encourage or support any young drivers they know to look for savings online.
“Shopping around for a cheaper policy is one of the best ways to try and save money on car insurance. Switching to a telematics policy may also be a more affordable option for some young motorists.”
Drivers of all ages are able to save some money on their next car insurance premium by purchasing it several weeks before it is due to begin.
According to financial expert Martin Lewis, the optimum time to buy car insurance is 23 days before the current policy is due to run out, with some drivers claiming to have saved thousands by following the tip.
Automotive experts also suggested that motorists should add another named driver to their policy if they have experience behind the wheel as a safe driver.
