The average car insurance premium for drivers between 17 and 24 years old has risen 8% over the past year to £1,354 ($1,770), according to Comparethemarket.com. An increase in insurance premium tax and an adjustment to the way payouts for personal injury claims are calculated were among the reasons for the increase. In a separate report, the British Insurance Brokers Association (BIA) said that premiums have increased by more than 10% since last year.
The average car insurance premium for drivers between 17 and 24 years old has risen 8% over the past year to £1,354 ($1,770), according to Comparethemarket.com. An increase in insurance premium tax and an adjustment to the way payouts for personal injury claims are calculated were among the reasons for the increase. Meanwhile, the average cost of owning a car at any age rose by 3% to £2,379 a year.