These Drivers Are Spending 10% Of Their Average Salary On Car Insurance – Find Out Why!

Tue 6th Feb 2018

Young drivers in the UK are paying on average 10 per cent of their average salary on car insurance, that’s according to the latest report from the Association of British Insurers (ABI).

Drivers aged 18 to 21 pay the biggest premiums relative to their salaries according to the report and with premiums rising at their fastest ever recorded rate, it’s not good news for all drivers in the UK.

The average insurance premium for drivers in 2017 rose to £481, however it’s not all bad news, by the time drivers reach their 50s, they are only paying 1.3 per cent of their salary on car insurance.

Whilst getting on the road as a driver remains one of the key priorities for young people, the concern over paying car insurance is the No.1 issue for all drivers aged 17-24, 15 per cent listing it as their main motoring worry in a poll by RAC Insurance.

The tax values are provided by a third-party supplier and while every effort is made to ensure their accuracy please double check with your advisor. If the car was registered after 31/03/2017 then it is subject to new tax rules. All prices we display are for the cars second tax payment onwards. You can find out information on the cars first tax payment here

Cars registered on or after 1 April 2017

Rates for second tax payment onwards

Fuel type	Single 12 month payment	Single 12 month payment by Direct Debit	Total of 12 monthly payments by Direct Debit	Single 6 month payment	Single 6 month payment by Direct Debit
Petrol or diesel	£180	£180	£189	£99	£94.50
Electric	£0	N/A	N/A	£0	N/A
Alternative	£170	£170	£178.50	£93.50	£89.25

Alternative fuel vehicles include hybrids, bioethanol and liquid petroleum gas.

Vehicles with a list price of more than £40,000

You have to pay an extra £390 a year if you have a car with a ‘list price’ (the published price before any discounts) of more than £40,000. You do not have to pay this if you have a zero emission vehicle.

You only have to pay this rate for 5 years (from the second time the vehicle is taxed).

Check the list price with your dealer so you know how much vehicle tax you’ll have to pay.

Fuel type	Single 12 month payment	Single 12 month payment by Direct Debit	Total of 12 monthly payments by Direct Debit	Single 6 month payment	Single 6 month payment by Direct Debit
Petrol or diesel	£570	£570	£598.50	£313.50	£299.25
Alternative	£560	£560	£588	£308	£294