They may look flashy, help attract the girls and make your mates jealous perhaps, but as a young man, you can expect to pay a significantly higher insurance premium than that young girl you are looking to meet.
Recent figures published by the AA reveals that young men can expect to pay up to twice as much for insurance when compared to their young female counterparts.
And while premiums for newly qualified young male drivers have been rising steeply over recent years, for women they have been falling - the gap having widened by 59 per cent since 2003.
Insurance premiums are based on claims experience and the reality of the situation is that 17 – 21 year old males are 10 times more likely to have an accident than men aged over 35 years old.
Young women of the same age however are only 5 times more likely to have an accident than women aged over 35 years old.
This in itself would not necessarily cause such a vast difference between premiums except for the fact that the average insurance cost of car accident involving a young male is £4,500 which is some 67% more than the £2,700 insurance claim cost involving their female equivalent.
The cost of insurance claims for males over 30 years old is only 17% more than their female counterparts showing that as males get older, we appear to regain our senses.
Whilst the number of people killed or seriously injured on our roads is falling, the number of accidents involving under-21 year olds, particularly men, continues to increase.
Stats like this clearly shows why young people, particularly males are asked to pay much higher premiums than their parents for example.
The best way to bring those premiums down is to buy a small, lower group rated car, remain accident free and build that no claims bonus up.
Look to buy that hot hatch you’ve always wanted later!
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