Young car owners are paying an extra £300 to drive a car this year as a result of insurers hiking up premium prices, new research shows. Analysis from Compare the Market shows that young motorists between 17-24 are now paying £2,559 to drive a car for a year, compared with £2,263 in 2022 a “substantial” 13 percent increase. Compare the Market said that “as a result of the increase in premiums, car insurance now represents 57 percent of the total car running costs for young drivers.” It follows increasing…
