Added: 16 July 2019
How much do you pay for your car insurance? You may have noticed that the younger you are, the higher the cost. The price of car insurance is mainly based on risk. Unfortunately, younger drivers are more likely to cause an accident and therefore a higher risk on the road. According to GSI Insurance, out of 100 drivers in Britain, fewer than two of those are ages 17 – 19 year old. However, they are involved in more than a tenth of all serious and fatal crashes. Because of this, the cost of car insurance for young drivers is exceptionally high. The average price of car insurance in the UK for all ages is £762. An 18 year old will have to pay an average of £2081, and an average of £1914 for a 19 year old.
There are a number of reasons that the price of car insurance has increased for all drivers over the years. For example, the cost of claims is the highest it’s ever been. According to The Association of British Insurers (ABI), over £23 million is paid out each day. The high level of advanced vehicle technology has resulted to an increase in keyless car crime, theft crime and repair claims. Insurance fraud is also having a major impact on motor insurance costs. According to the ABI, there’s ‘one scam every minute’, costing the industry £1.3 billion. You can probably understand the logic behind it, but does it justify why it’s so pricey for younger licence holders?
Obviously, we understand the importance of road safety but we appreciate that younger drivers can’t always pay the enormous cost of car insurance. There are some ways around this including a black box, or buying a cheaper, lower performing car. Or, you could make the most of our Citroen C1 deal…
We want to help young drivers begin their driving experience without the cost. We’re pleased to be able to offer you a brand new Citroen C1 with the first year of insurance completely paid for! We want younger drivers to be able to afford the luxury of a new car, without the struggle of affording it.
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REGISTERED ADDRESS: THE FRENCH QUARTER, 114 HIGH STREET, SOUTHAMPTON, HAMPSHIRE, SO14 2AA. REGISTERED IN: ENGLAND AND WALES REG COMPANY NUMBERS: 02971884, 03820911, 04358129, 03393853 AND 08425506. VAT REG NUMBERS: 619940318, 750105769, 176958348, 787693552 AND 991252115
RICHMOND CARS LIMITED, RICHMOND CARS (SOUTHAMPTON) LIMITED, RICHMOND CARS (GUILDFORD) LIMITED, RICHMOND CARS (FAREHAM) LIMITED AND RICHMOND CARS (BOTLEY) LIMITED ARE CREDIT BROKERS, NOT LENDERS, AND WE WILL INTRODUCE YOU TO ONE OF OUR PANEL OF LENDERS TO PROVIDE THE FINANCE FOR YOU. WE ACT AS NON-INDEPENDENT CREDIT INTERMEDIARIES FOR A SELECTED NUMBER OF LENDERS TO SUIT A WIDE RANGE OF FINANCIAL OFFERS TO SUIT THE INDIVIDUAL’S REQUIREMENTS. WE ARE AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY. FINANCE SUBJECT TO STATUS. TERMS AND CONDITIONS APPLY. APPLICANTS MUST BE 18 YEARS OR OVER. A GUARANTEE/INDEMNITY MAY BE REQUIRED.
RICHMOND CARS LIMITED, RICHMOND CARS (SOUTHAMPTON) LIMITED, RICHMOND CARS (GUILDFORD) LIMITED, RICHMOND CARS (FAREHAM) LIMITED AND RICHMOND CARS (BOTLEY) LIMITED ARE APPOINTED REPRESENTATIVES OF CONSUMER CREDIT COMPLIANCE LIMITED FOR INSURANCE MEDIATION PURPOSES. THEIR FIRM REFERENCE NUMBER IS 631736 AND OUR FIRM REFERENCE NUMBERS FOR CONSUMER CREDIT ARE 673585, 687484, 683805, 741215 AND 741326. YOU CAN CHECK THIS ON THE FCA’S WEBSITE WWW.FCA.ORG.UK OR BY CONTACTING THE FCA ON 0300 500 8082.