Insurance Companies put the brakes on Drivers (19/9/00)

Young drivers may soon be forced off the road as the car insurance price hikes of nearly 50% hit them hard in the pocket. The claim comes as actuaries and management consultants Tillinghast-Towers Perin (TTP) publishes its comprehensive report into motor premium trends.

The firm's latest statistics on motor insurance rate hikes make grim reading for all policyholders – not just the young – with average increases of more than 35%. But by far the worst hit is age group 17 – 25 which faces having to pay on average 45% more for their insurance than they paid last year.

TTP's study analysed the prices paid by one million policyholders, breaking down responses by geographical region, age group, gender and vehicle type (among other groups). The over-50s have escaped the upswing in premium rates more lightly than other age group, but even they have had to endure rises averaging 30%.

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