Tel: 01992 471001
Motor insurance increases of at least 50% over the next couple of years will hit young drivers, according to insurance accountants and advisors Mazars.
Mazars predicts that the typical motor premium for a young adult will soon be £3,600, and warned that this will make driving unaffordable for many.
The firm added that this will have a huge impact on the young and those in rural areas without alternative public transport.
According to the AA, a typical motor premium is £2,431 for a young adult, 64% higher than 12 months ago.
Mazars insurance industry partner Craig Scarr said: “We are already seeing that younger adults are being priced out of car ownership and cannot afford it, and this will hit even harder over the next year as a typical premium for a young adult rises from £2,400 currently to over £3,600.”
Soaring rates in motor will cause more people to give false information to reduce premiums or drive uninsured, Mazars warned.
We are now entering the second month of the third lockdown and indications are that we are at least another month away …
9 Feb 2021
Swiftly after the announcement that Ashbourne Insurance were awarded the Winner of the SME News ‘UK Finance Award 2020’ Best Independent General …
26 Jan 2021
Small business affected by enforced closures will welcome today’s announcement from the Supreme Court supporting their business interruption claims.
It should be noted …
15 Jan 2021