How are Millennials saving money on their Car Insurance?
Earlier this year it was announced that Insurance Premium Tax (IPC) would be increasing by 58%, meaning that for young people across the UK buying a car became even more difficult. However, it’s not just young people who will struggle to keep up with the cost of their car insurance premiums, in fact this change is likely to have a huge impact on all 18-30 year olds – more commonly known as “millennials”.
Even though you may not know it, if you are aged between 18 and 30 then you automatically fall into the millennial category. Millennials are those that grew up in the late 90s/early 2000s, which is why the term encompasses such a wide age range. However, buying patterns between 18 and 30 year olds vary greatly, which is why MotorQuoteDirect has decided to do some research on millennials and their cars.
Our research is based on a selection of data from our customers aged 18-30 (don’t worry, everything is anonymous!) and looks at the type of cars they own at different ages. Unsurprisingly, our research has found that in general, the older a person gets the more expensive their insurance premiums (and therefore cars) are. At the same time, Vauxhalls, Fords and Volkswagens are far and above the most popular car makes for the entire age range.
Here at MotorQuoteDirect we try and help people of all ages save money on their car insurance policies, however we know that this can often be hard especially for millennials. This is why we have created our Car Insurance Group Tool which tells you the insurance group of any car make or model – all you need is your registration number or the make, model and year the vehicle was manufactured.
By knowing what insurance group your car or a car you are thinking about buying falls into, you may be able to save money on your car insurance. Car insurance groups range from 1 to 50, with cars in group 1 being the cheapest to insure and cars in group 50 being the most expensive. This is why it’s so handy to know which group your car falls into!