Saturday 17 September 2011

Young drivers spend £4,500 to take to the road


The average cost of getting onto the road for the first time is now £4,459, according to a recent research

Some insurers refuse to cover people aged less than 25 - Young drivers spend £4,500 to take to the road
The typical 18-year-old will have to pay an average of £2,294 for insurance
This is the total cost of driving lessons, road tax, driving tests and insurance, in addition to buying a first car, Co-operative Insurance found.
According to the research, the typical 18-year-old owns a Vauxhall Corsa worth £1,450 and will have to pay an average of £2,294 for insurance. He or she will also have 20 driving lessons at a cost of £480, sit two driving tests to the tune of £62 each, and will spend £111 on a provisional licence (£50), theory test (£31) and road tax (£30).
However, despite the high costs of getting on the road, today’s new motorists were buying their first car younger than ever, the Co-op said, with the average person now owning their first set of wheels at just 18 years old, which is four years earlier their parents’ generation.






While more than three quarters of those aged over 45 bought their first car themselves, the same could not be said for their offspring, with 53pc of those aged 17 to 25 now relying on their parents or relatives to come up with the cash.
Grant Mitchell, the head of motor insurance at Co-operative Insurance, said: “Our research shows that although today’s young drivers own their first car from an earlier age than their parents’ generation, the cost of actually getting on the road is huge.
“Of course, not many 18-year-olds have thousands of pounds in savings, so increasingly they are relying on the Bank of Mum and Dad to pay for the initial cost of driving.
“Unfortunately, the biggest challenge is the cost of car insurance which has risen at a disproportionate rate for young drivers because they are involved in more accidents on the roads.”
The research also found that the cost of insurance was one of the main reasons why people did not buy a car, with 30pc citing it as the reason they remained without their own set of wheels.
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by the Telegraph

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