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The new equalities bill that has been proposed by the government could have a big effect on the car insurance industry and the prices we pay. For years now, young drivers have had to pay over the odds for car insurance and pay over double the amount other drivers with more experience do.
Some argue that this is fair as the statistics do not lie, 17 to 21 year olds account for 16% of motoring convictions with a further 34% responsible for dangerous driving offences. However, some say that all young drivers should not be tarnished with the same brush and be given the chance to earn cheaper car insurance.
Looking for young driver car insurance can be difficult in the current financial climate as young drivers have a small budget and prices are average around £989 with the average the rest of Britain's drivers are paying is £459. This is more than double the average and young drivers are hoping the bill will reduce premiums.
The bill is aimed at reducing the prejudice that some industries have and the car insurance industry is a good example. Whether you believe the price difference is right or wrong, the bill will have a big effect on car insurance premiums and if approved, will reduce the amount young drivers pay on their policies.
If the bill is passed it could mean cheaper insurance for young drivers but could mean other drivers' premiums may rise. Drivers aged between 17 and 21 account for more than a fifth of total premiums and if the industry was to lose a slice of this income they may have to increase other premiums to make up for the loss.
It is unknown whether the bill will be passed but until then young and experienced drivers can shop online and compare the various insurers and their deals with minimal hassle and stress.
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