Van insurance - £3K!!!!

Lifeisbutadream

Can you bring the cost down by sending him on an advanced driver course?

Spiderham

mikey72 wrote: »

The figures for 17 to 24 say they have about twice as many accidents as older drivers.
They appear to show a steady decrease in accidents by younger drivers, and exactly the same ratio as older drivers year on year.

If this is true, why are insurers now saying they have so many more accidents, insurance has to be ten times what an older driver pays,and not merly twice the amount, and have they managed to create an urban myth that others are happy to repeat without seeing any real proof.

Mikey, just to come back to that point, you'll also notice a lot of those killed and seriously injured by young drivers are themselves younger people. Now if someone is seriously injured and needs lifetime care then the younger they are means the payout will be higher (as they have more of their life left). Now as they are disproportionately younger people who are being injured this means they are having higher costs per claim so with twice the number of claims leads to much more than twice the costs.

In those stats it appears the median age for a young driver victim is about 21 whereas for others it is about 30.

Now I'll use Ogden tables to work out cost. I'll use both being males as they come first. http://www.gad.gov.uk/Documents/Other%20Services/Ogden%20Tables/Ogden_Tables_7th_edition.pdf

A 21 year old is expected to live a further 66.13 years but a 30 year old a further 56.34, so there is a higher cost there, this also explains some of the difference and this is before looking at loss of earnings and that sort of thing as a 21 year old has 44 years until retirement but a 30 year old only 35.

mikey72

EdgEy wrote: »

I have been quoted £7k for a small transit, 21 years old.
Put a stopper on the 'camper van' idea quite quickly.

A camper is £280 for me.