The average cost of a motor insurance policy for young men has broken the £4,000 a year barrier for the first time -- and it's a record that may stand for several years.
The average comprehensive policy for males aged 17 to 20 is now estimated at £4,006 by Confused.com and consultants Towers Watson. The companies noted that when you add in the costs of running a car, somebody on an average salary for this age group would need to spend half of their income on motoring.
Women aged 17 to 20 are significantly better off, with the average comprehensive policy costing £2,151. That disparity might not last for too long though: European court rulings mean that from 2013, insurers will theoretically be barred from imposing price variations based solely on gender. If that comes to reality, young women should see a price hike, while premiums for men will likely drop.
Until then, one presumably light-hearted suggestion is that young men might consider getting married: being a named driver on a wife's policy could bring about a significant saving!
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