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.
Why should you use a broker to make your insurance arrangements? After all you can do most things yourself on-line these days …
15 Sep 2020
The High Court has today handed down its judgment in the Financial Conduct Authority’s (FCA)’s business interruption insurance test case. For a …
15 Sep 2020
How employers may be affected by the changes Brexit will bring – and what actions should they consider.
The UK left the EU …
10 Sep 2020