£5,731 – The Cost of Getting Young Drivers on the Road

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) December 1, 2009 -- Newport, Gwent, December 01, 2009 -- New research from Gocompare.com reveals that on average it costs £5,731 to get a young driver on the road today, with insurance costs making up two fifths of the total bill. As a result, 13 per cent of parents say their children aren’t driving specifically because of the cost of insurance and five percent claim it has led to arguments or a falling out in the family.

A survey of 1,500 parents revealed that the financial support they give to young drivers is significant. The majority of parents surveyed (70 per cent) said that they have contributed to their offspring’s driving lessons, nearly a third (32 per cent) have paid towards the cost of a vehicle for their child, while 30 per cent have helped with car insurance costs.

Typically, learning to drive can cost in the region of £680 by the time the costs of obtaining a provisional license, lessons and test fees are taken into account. Gocompare.com’s research revealed that on average youngsters take 22.3 driving lessons before passing their test, so with driving lessons costing around £24 per hour, the typical bill for lessons alone is £536.

However, the costs of learning to drive are the tip of the financial iceberg for drivers taking to the road for the first time. Next to the cost of the vehicle itself (average £2,477) car insurance (average £2,455) is the most significant expense facing young drivers. For the parents in Gocompare.com’s survey the cost of insurance was of major concern (38 per cent). Over a quarter (26 per cent) said that insurance costs were far greater than expected, while 13 per cent had or were going to delay getting a car for their child because of the cost of insuring it.

Lee Griffin, business development director of Gocompare.com, commented: “Getting on the road represents a landmark for parents and young people alike. However, while the safety aspects are parents’ number one concern, the cost of insurance is close behind, according to our survey. There is no getting away from the fact that insurance for young drivers is expensive but all insurers treat the problem differently and therefore it is young drivers who benefit most from shopping around. Young drivers make up a high proportion of the Gocompare.com customer base so we are continuously developing our panel of insurers and specialist brokers to make sure we give them the best range of cost effective options. While the initial costs are high, the best advice in the long run is to shop around for the best price for insurance in the young driver’s own name. That way they start accumulating no claims bonus as soon as possible.”

Contact:
Anders Nilsson
Gocompare.com
Imperial Courtyard
Newport, Gwent NP10 8UL
01633-657-599
anders@gocompare.com
http://www.gocompare.com/

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