Running costs for young drivers have skyrocketed in the UK rising an extra £60 in the past six months.
Now average premium costs for a motorists aged between 17-24 years old is £2,442 up from £2,381 in February.
Car insurance for young drivers is now £140 more experience than it was two-years ago.
The main factor in increasing insurance premiums for young drivers is the three hikes to Insurance Premium Tax.
IPT now stands at 12 per cent after doubling in the past three years and is priced into the overall premium that drivers are charged.
Young drivers, who already face paying the highest premium costs on the road, face disproportionate increases to the policy that they pay as a result.
However, there is a huge disparity between the amount of money being paid for the cheapest and average premiums for young drivers.
The cheapest premium for 17 – 24-year olds stands at £1,066 – almost £260 lower than the average premium.
Therefore, young motorists can save over £200 for shopping around for a more competitive premium.
Dan Hutson, Head of Motor Insurance at Compare the Market, said: “Driving costs for young people are becoming worryingly high.
“Each quarter, our Young Drivers Report shows an increase in the cost of getting on the road for 17 – 24-year-olds.
“The price of insurance for young drivers remains awfully high and now the price of fuel is also expected to rocket.”
In addition to the inflated cost of insurance motorists are also foreign out huge amounts of money for fuel.
Figures suggests that in the past year, the annual cost of fuel increased by over £80 (9.9 per cent) to £891.
Recent reports released claim that fuel is at its most expensive level for the past four years and it has also risen for 11 consecutive months.
“Fuel costs have always been volatile but the significant rise in price over the past six months will have a large impact on the affordability of driving, especially for young people,” added Dan Hutson.
“The unaffordability of keeping a car has significant ramifications on young people’s ability to travel to work and hold down jobs, especially when a large proportion of their salary may be spent on travel alone.
“Not all parts of the country benefit from public transport and for those that rely on a car, these figures will be concerning.
“As a result, Compare the Market is calling on the Government to abolish Insurance Premium Tax for young people.”
