Insurers base the price of premiums on lots of different factors:
- The car you’re insuring – Its age, engine size, value and more
- Information about you - Your age, where you live, how long you’ve been driving, whether you have any driving convictions, No. of years no-claims bonus you have, No. of claims you've made and more
- The type of cover you’re looking for - Whether that’s comprehensive, third-party, or a black box policy
- The level of excess you’re looking for
Because this information alone isn’t enough to base a quote on, insurers also have to use statistical data from all of its customers to determine the level of risk.
The industry statistics show higher accident levels amongst teenage and young drivers (under 25s) which therefore means they’re a higher risk to insure.
It’s understood that younger drivers are involved in more accidents as behind the wheel; they’re more likely to take risks and with less driving experience, are less likely to spot potential hazards.
The road safety charity Brake has compiled some hard facts about young drivers that include:
- One in five new drivers has a crash within six months of passing their test
- An 18-year-old driver is more than three times as likely to be involved in a crash as a 48 year-old