Passing your driving test has long been seen as a rite of passage, but the rising cost of running a car is driving more and more young people off the roads. Over the same period the proportion of to year-olds with full driving licences has also fallen. Even though employment is now rising, incomes are stagnant, and many are only in part-time work, and find running a car too expensive. As a general rule, the less powerful your car is the less it is likely to cost to insure, says Lee Griffin, car insurance expert at GoCompare.
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There comes a time in most young drivers' lives when they have to ask themselves an important question: Should I get my own car insurance policy or add myself to the one my parents already have? A new study suggests the latter option is the way to go. The findings were quite significant. This article was originally published on insuranceQuotes.
The cost of driving is keeping young people off the road
Heidi Steinour does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment. Republish our articles for free, online or in print, under Creative Commons licence. Today, roughly one in five women in the U.
Let friends in your social network know what you are reading about. Each week, we'll dive into a personal financial topic impacting college students or unpack a complex finance term that young people need to know and understand. This is the first installment