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An alarming article has been released on Cheap Insurance NI which will worry all drivers. This reports estimates that one in five young drivers aged between 17 and 20 are driving without insurance. Insurance is expensive for this age group due to the fact that almost one in five will have an accident in their first year. The report also mentions that 10% of young people claim that do not realise that insurance is a legal requirement. Being caught with no insurance can lead to a hefty fine, the seizure of the vehicle of eight penalty points.
13.07.10
The average cost of comprehensive car insurance rose by 14.2% in the second quarter of 2010, compared with increases of 4.3% and 6.3% in the two previous quarters.
According to the Confused.com/EMB Car Insurance Price Index, £74 was added to the average premium in the three months to the end of June, with an annual increase of 31% costing £142.
The biggest quarterly shock was felt by 41-55 year olds because of the tendency for children to be included on policies.
Women suffered the worst, with female drivers of this age group facing a 14% penalty for having named drivers, other than their husbands.
Manchester and Merseyside, Inner London and Northern Ireland experienced the largest regional rises and the research revealed that the typical comprehensive premium now stands at £599.
Confused.com product director, Simon Lamble, comments: “This is a massive blow for motorists who have already suffered at the hands of petrol price hikes and insurance premium tax increases.”
Source: Insurance Daily
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