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A quarter of millennials would go without car insurance cover to cut costs

Young people admit to taking more risks under peer pressure

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Young people are ignoring the legal requirement for car insurance cover in order to save money, according to new research from the Motor Insurers’ Bureau (MIB).

More than three quarters of millennials (aged 18-24) admit they feel peer pressured to make decisions they later regret. Young men are more likely to buckle to social pressures, with 11% saying they take risks all the time, compared to 5% of young women.

Risk taking on the roads

Worryingly, this risky behaviour extends to car ownership and insurance among young people.

According to the MIB, one in four 18-24-year-olds have considered driving uninsured to save money. Even more concerning is the fact that a third of men in this age group have gone without insurance in order to cut costs.

A fifth of young men (20%) say they have got in a car with a friend who didn’t have the correct car insurance and later regretted it, compared with 11% of women in the same age group.

Penalties for driving without insurance

According to the MIB, uninsured ‘hit and run’ drivers kill around 120 people and injure 29,000 per year. It’s estimated that the cost of uninsured drivers adds an extra £33 to honest drivers’ policies.

Car insurance is a legal requirement in the UK, with at least third party cover required to keep and drive a car.

While the MIB’s study found young drivers are attempting to cut costs by forgoing insurance, going without cover could be costly in the long run.

Driving without insurance is a serious crime that can result in the vehicle being seized by police. Uninsured drivers also face at least 6 penalty points and a minimum £300 fine. If the case goes to court, drivers face disqualification and an unlimited fine.

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