Considering that 17-20 year olds pay more than £4,000 for car insurance every year, new research has found which cars are the cheapest and most expensive to insure. Picking up the right car can save up to £594 on car insurance for half of drivers under 25.
Figures show that drivers aged 17 to 20 pay as much as four times the average amount for car insurance. This figure has hit record highs in 2011 with £4,006 per year for comprehensive cover for males within that age bracket.
That is why a study from a leading comparison site highlights the importance of undergoing thoughtful research when looking for a car to buy and insure.
Ford KA2 is the cheapest car to insure for young drivers, costing an average of £1,651 per year. Ford KA (£1,781 per year) and Peugeot (£1,994) are in second and third position, respectively. Daewoo Matiz is fourth costing £2,258.26 and Mini One is fifth costing £2,268.85 per year.
Most expensive cars to insure
In contrast, data reveals that a Honda Civic is the most expensive car to be insured by young drivers, costing up to £4,515.92 per year. Young motorists will also find expensive car insurance if they drive a Volkswagen Golf (£3,928 per year), a Vauxhall Astra (£3,722), a Ford Focus (£3,677) or a Renault Megane (£3,327).
Also regarding car insurance comparison, a recent survey by independent financial research company Defaqto concluded that a total of 86% of consumers feel comfortable with researching and buying motor insurance online without professional advice.
However, the study warns that people need to pay close attention to policy features rather than focusing on the price alone. This will ensure they arrange cover that meets their needs in order to make a wise purchase.
Since prices can vary greatly between car insurance providers, it is important to shop around. Using a comparison site can increase your chances of taking the right decision.