Car insurance prices have fallen by £80 over six months for this one age group

Car insurance prices have fallen to £1,182 on average for those aged between 17-24 who have made some of the biggest savings over the past six months. Premiums for this age group are now at their lowest rates since 2015 as the coronavirus pandemic has seen costs slashed.

Policies vary in price throughout the year and despite £80 savings over the past six months, analysis spws costs have fallen by just £38 year on year.

Alongside this, the cheaper average policies on the market for young drivers have fallen by £19 year on year.

Despite the massive savings, new research from ComparetheMarket has found one in five young motorists have stopped using their car all together.

This is because they can no longer afford to run their vehicle as a result of financial hardship caused by the pandemic.

READ MORE: Car insurance prices record major falls, according to data

However, in a lifeline to road users he added young drivers could “combat” the financial struggles with one simple tip.

He urged drivers to switch providers and secure a new agreement which could save motorists “over £200”.

Mr Hutson said: “Young drivers have always had to pay the most when it comes to insurance.

“While this is still the case, the burden of car insurance has eased slightly during the pandemic as the cost of cover has dropped over the past six months.

“However, insurance remains the biggest cost for drivers by far. The pandemic has also forced many young people into financial difficulty, impacting their ability to fund the running costs of having a car.

“The easiest way to combat this is by switching. Our statistics indicate that 17 – 24 year olds can save over £200 by switching to a better deal on the market.”

Compare the Market adds younger drivers can secure cheaper car insurance premiums through a variety of extra methods.

It said just over 70 percent of drivers between 17 and 20 years old save on their insurance by securing a telematics or black box agreement.

These tools sit inside your car and monitor your driving style to calculate your overall perceived road risk.

Driving well could see motorists qualify for lower premiums but breaking the rules could see harsh penalties imposed.

Other ways to reduce cover include limiting your overall vehicle mileage and paying for the year’s insurance upfront.

Adding an experienced driver to a policy is also a legitimate way to bring down prices as costs are calculated on the risk of both drives together rather than one.

However, lying about how many people drive your vehicle to bring down costs could be considered fraud which may invalidate an agreement.

Many parents break this rule by adding their names to their children’s agreements as a desperate way to help reduce premium prices.

source: express.co.uk