Quotezone Data Suggests New Driver Premiums Might Have Peaked

Is it getting slightly cheaper for new drivers? Maybe so, here’s the latest data from Quotezone;

New data from price comparison experts shows that young drivers’ insurance premiums have fallen to the lowest price so far this year.

Quotezone analysed monthly insurance premiums for 17 to 24-year-old drivers, with the most recent figures showing that premiums are the cheapest they’ve been since the start of the year. For the first time in 2024 the average annual policy has dropped to £2,901, over £150 cheaper than the highest premium of £3,055 which was recorded in February.

This decrease, however slight, is a welcome relief for young motorists and their families, who have traditionally faced higher premiums due to perceived risk factors associated with inexperienced drivers.

Average annual car insurance premiums per month

With the added costs of learning to drive and buying their first car, many drivers can’t afford to get on the road after passing their test, and of those who are driving, 25% are considering quitting due to rising costs*.

To keep the insurance costs down, drivers are encouraged to compare quotes from different providers, pay annually if possible, improve vehicle security and add an experienced driver to the policy.

Quotezone.co.uk CEO and car insurance expert Greg Wilson said: “Young drivers normally have to pay more for their premiums as they have less experience – something insurance providers use to base their risk analysis on and determine costs. However, our most recent data shows a welcome saving for 17 to 25-year-olds.

“Whilst there’s no guarantee that these premiums are going to continue to fall, it’s certainly a step in the right direction.

“Our tips could also help young drivers really start to look at their insurance policies and explore where they can find savings. Simple tweaks such as job title, the time you purchase and how you pay can all help cut costs.”

Savings experts at Quotezone have created a full car insurance index of average premium prices across all age ranges throughout the UK regions in 2024, to help drivers review and find savings.