There’s more bad news on the way for London-based drivers already hit hard by congestion charging, astronomical parking prices and an army of traffic wardens and wheel clampers – those living in East London are also landed with the most expensive car insurance premiums in the UK.
If that’s no great shock to you, you may be surprised to learn that the nearest rival in a table no-one wants to top is… Bolton!
» Read more: Location Key to Driving Down Car Insurance Costs
It is very possible. Several factors go into the cost of insurance rates. The reason why auto insurance is so expensive for teens is that as a group teenage drivers have terrible statistics. According to the Insurance Institute for Highway Safety, 16-year-olds have an accident rate that is nearly 6 times higher than drivers between the ages of 30 and 59. That’s not likely to change soon.
Consequently, it is not unheard of for parents to find themselves with an insurance premium that is 50% to 100% higher once a teenage driver is added to their policy. That is not to say there is no recourse.
» Read more: Can I Lower the Cost of My Teens Auto Insurance?