Cap Young Driver Insurance at £1000
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Many young people look forward to the independence granted by being able to drive their own car. However, insurance premiums for 17-year-olds have rocketed to new heights to a point where the majority of teens cannot afford the premiums. This not only restricts them but also means they are excluded from certain social activities and pleasures. The more cynical view is that wealthy people can obviously afford these premiums so it's actually the poorer families who are the victims. This also plays a part in reducing social mobility.
We all get how insurance premiums are calculated. The higher risk you are the more your premium will be. But I want to challenge that because although loads of young drivers have collisions not all of them do. So why should ALL young drivers have to pay the higher premium? I am also aware of telematics policies but clearly, these are just gimmicks because before telematics policies were introduced premiums were lower. The insurance companies just increased the premiums and then slapped on small discounts in exchange for collecting and selling your driving data which you may agree is rather unethical.
The solution I suggest is for insurance companies to start their premiums for 17-year-olds and young drivers below £1000 and if they have a collision, by all means, increase their premium but at least those who don't have collisions aren't being unjustly punished by excessive premiums.
I trust there are others out there who support my view and would like to see fairer and cheaper insurance premiums for 17-year-olds and young drivers.
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