How much are you paying for your pride and joy?

When it comes to paying to insure a car, young drivers really do need to shop around.

Male drivers in their late teens or early twenties pay 40 per cent more than male drivers in their thirties, and female drivers get far more discount at a younger age than their male counterparts. Most female drivers get a reduction of almost ten per cent over men.

A man who passes his driving test before he is 19 years of age can expect to pay £1,815 which reduces to £874 with one years no claims discount.

Peter Gerrard, head of insurance research at moneysupermarket.com, said: "Young and newly qualified drivers have long been perceived as high risk by the insurance industry and often find it hard to get competitive motor insurance.

"There are ways they can cut their insurance costs, such as adding a parent to their policy or looking at specialist insurers who target young drivers. It’s also clear that insurers view women as far more mature motorists at an earlier age."

Ironically, however, the same survey showed that in the over 50s age group, male drivers get slightly cheaper premiums.

The Association of British Insurers says you can save 35 per cent by comparing as few as five insurance providers, and so by reducing the engine size on the car you chose to buy, by possibly limiting the mileage to a realistic short commuting distance each day and by adding an alarm, or immobiliser, it is possible to make savings.

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