Nearly half of the UK’s young drivers deem the black box scheme ‘unfair’, according to new research by insurance comparison site, Quote Goat.
The research, which surveyed 1,000 young drivers between the ages of 17 – 24 on their perception towards car insurance, found that 45% of young drivers feel unhappy in having to rely on schemes like Black Box to reduce insurance costs – particularly as many come with restrictions such as driving curfews.
Despite negative opinion there is an evident reliance on the scheme, as a massive 73% of young drivers still chose to insure their vehicle with a black box – where 77% saved up to £200 on their annual premium, and 14% saved double that amount.
However, when questioned on other cost-saving methods such as their use of Dashcams, only 13% of respondents have installed an insurer approved Dashcam in their vehicle – where 51% of respondents were completely unaware that this could in fact lower their insurance premium even further.
Other key take outs of the research include:
- Over a third of young drivers pay up to £1,000 per annum for their insurance, with a quarter paying up to £2,000. Just 8% of respondents pay maximum of £2,000 – £4,000.
- Age seems to be no issue in car ownership, with just 13% of respondents advising they didn’t have their own vehicle – with the rest owning their own transport or sharing with a family member.
- When questioned on the recent MP debate as to whether insurance should be applied to the driver or the vehicle, young drivers posed a near even split – with 58% believing it should still be applied to the driver, and the remaining 42% supporting a change in law through insuring individual vehicles.
On discussing the results, Founder and Managing Director of Quote Goat, Michael Foote, said: “Car insurance has become increasingly expensive for Young Drivers in recent years, with many having to rely on schemes like Black Box to lower their annual premiums.”
“Despite a massive 77% of participants utilising the scheme, not even a third of young drivers felt it to be fair or beneficial –implying the majority have compromised with the schemes restrictions to receive a more affordable insurance cost. At Quote Goat, we work hard to deliver extremely competitive quotes for Young Drivers, ensuring they understand all fundamentals that come into play with insurance costs, from pass plus schemes to choosing vehicles with less modifications.”
This research comes following reports that insurance premiums are set to rocket in 2018, where experts predict Young Drivers will be hit the hardest.