New drivers spend 5 per cent of income on car insurance

Drivers who are buying car insurance for the first time are likely to spend a reasonable proportion of their wages on their policy, new research has suggested.

Almost five per cent of new motorists’ income goes on their insurance, according to MoneySupermarket – while more experienced drivers spend, on average, just 1.29 per cent.

The study also found that the cost of car cover accounts for 95 per cent of an inexperienced driver’s initial outlay over their first three years behind the wheel.

MoneySupermarket used the data from nearly 12 million quotes to help support its research, before analysing the information based on the assumption that the average wage of a new driver would be around £19,000 and someone who had been driving for longer would be earning about £26,000.

The firm’s car insurance expert Kevin Pratt said: “Finding legitimate ways to cut the cost of their car insurance benefits every driver, whatever their age.”

Mr Pratt gave several examples of how this can be achieved – including boosting security measures, driving fewer miles every year and purchasing a car in a low insurance category.

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