The average car insurance premium for drivers the past year has risen 8% over between 17 and 24 years old 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.
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.