Young drivers ‘pay €2,000 too much’ for their car insurance

YOUNG drivers who don’t shop around for car insurance are being stung for up to €2,000, a survey has revealed.

In three out of four cases, a broker was able to find cheaper quotes with a difference in one case of €2,053.

Experts blamed limited competition in the market for drivers going for their first insurance quote and the mistaken belief that going direct to an insurer is the best value.

Not testing the market is costing young drivers thousands on an annual basis and may be precluding some from even getting on the road, experts at coverinaclick.ie said.

The insurance site’s boss Jonathan Hehir said going direct to one insurer limits your choices, and stops you getting the best deals around.

Insurance experts say there are several other steps young drivers should take to reduce their premiums, such as completing all required driving lessons, obtaining their full driver’s licence, and getting some named-driver experience such as on their parents’ policy.

Mr Hehir said young drivers are in an ‘unenviable position’ – as they are quoted the highest premiums, but often have the least disposable income.