Young Drivers Spurn Cheaper Cover in Favour of Cooler Cars
Young drivers under 25 are ignoring the cars that have cheaper insurance in favour of models in much higher insurance groups.
Those are the findings of research carried out for financial website This is Money. They discovered that young drivers under 25 can get cheaper premiums with a Fiat 500, Citroen C1 or Peugeot 107. Yet none of the cars with more affordable insurance are popular with this age group.
Data from a comparison website over a three-month period from April to June 2015 showed that the typical cost of an annual policy for younger drivers was £902 for a Fiat 500, £943 for a Citroen C1 and £945 for a Peugeot 107. Other cheap cars to insure in that age group are the Toyota Aygo at an average premium of £958 and Citroen DS3 at £1,031.17.
Yet despite the better insurance deals on these models, the research showed that these weren’t the most popular enquiries for quotes. The Fiat 500 made up just 1.46% of all requests for quotes, while the Citroen C1 and Peugeot 107 made up 0.96% and 0.74% of enquiries respectively.
The Peugeot 107 is no longer in production, but there are plenty of second-hand models on the market, making this car a budget-friendly option for young buyers.
The most popular cars
So if young drivers aren’t tempted by cheaper insurance, what are they attracted to? The most enquiries for quotes were for Vauxhall Corsas (11.26%), Ford Fiestas (8.5%) and Renault Clios (5.33%), between them making up almost a quarter of all enquiries.
There are a few cheaper insurance models out there; the lower end Vauxhall Corsa Life, with a choice of less powerful 1.2 to 1.4 engines and fewer frills, falls between insurance groups 2 to 6. Young drivers spurning these more sensible models and aspiring to the Red Edition, Black Edition or SRi range (amongst others), are looking at insurance groups as high as 21 currently.
The really cool wannabes will be dreaming of Corsa’s high performance VXR range, but if you’re under 25, prepare to pay for the privilege, with insurance groups falling between 30 and 34.
Now in its 39th year, the Ford Fiesta’s popularity shows no sign of flagging. Some lower performance models, especially in the Fiesta Studio range, can be insured more cheaply (groups 3 to 6). Owners of models with fancier trim and higher performance should expect to pay more for their insurance – some Zetec models are rated as high as group 18 (for example the 1.0 EcoBoost (140bhp) Zetec S – 3 door). Fiesta ST models crank the insurance up yet another level, to group 30.
Insurance for the Renault Clio starts off innocently enough, with some models in the Expression range rated as low as group 4 (1.2 16V Expression 5 door). As young drivers move up through the “I want” ranks however, the insurance landscape changes. The Clio GT Line starts at Group 15, and if your heart has been captured by any of the Clio Renault Sport models, they’re rated in insurance group 29.
To look up the insurance group of any car before you commit yourself to buying, check the guide on Parkers’ website.
Released On 15th Sep 2015