The latest Confused.com/Towers Watson car insurance index shows the average 17-20 year-old male is now paying £4,006 per annum for a comprehensive cover.
Yes, over £4,000. How many youngsters can even afford cars worth £4,000?
AA insurance has found that premiums for 17-22 year-olds has risen, on average, by 80% over the last two years - a rather extortionate amount.
Until recently, girls have had it pretty easy compared to guys. But a recent ruling by the European Court of Justice has decreed that insurers can no longer use sex as a means to determine whether someone represents a bigger risk (males under 21 have been found to be twice as likely to have an accident than their female equivalents, according to BIBA). Women currently pay less but their insurance is expected to rise by 25% according to The Association of British Insurers. This isn't good news.
Quinn Direct, a specialist in young people's insurance, found 35% of 17-25 year-old women would consider driving without insurance if faced with a significant price increase.
John McDonagh, Head of Consumer Insurance at Quinn-direct, said: "It is shocking that many young drivers would consider driving without insurance."
The price increase might also affect young women's education with 5% saying they would be unable to get to school or college without a car and 15% saying they would have to change jobs.
Simon Douglas, director of AA Insurance, said: "Most young people can't get their heads round why their first car insurance premium should be 10 times greater than what they might pay for an old banger. But it's got everything to do with the potential damage their irresponsible use can inflict. Entirely preventable car crash injury claims of £5m or more are becoming increasingly common."
But the question posed is: Why should young sensible drivers have to pay for the stupidity of reckless drivers? Is this discrimination by the insurance companies or risk assessment? Whatever the case, young people seem to be discriminated against more and more; whether it is jobs, car insurance or being blamed for the riots.
True - insurance is fundamentally down to risk assessment, but to prevent unfair discrimination, the insurance companies should ask more stringent questions before providing a quote. Not only do the ridiculous prices discriminate against sensible drivers but also the poor.
Martin Lewis, creator of MoneySavingExpert.com, said: "Why should one man pay more because others behaved badly? Would we allow the same to happen based on racial differences"? No.
A recent government survey found almost two thirds of young people are put off by the rising costs involved with driving - according to the BBC Newsbeat. The BBC also found a 36% increase in the cost of driving tests, 48% increase in theory tests, 14% increase in driving lessons and a 56% increase in petrol (unleaded) since 2005.
The earlier young people gain experience behind the wheel, the quicker they will become better drivers and will realize that fast and reckless driving will not get them very far - they have to stop at the traffic lights and everyone they overtook will catch up with them.
Many young people already vented their frustrations when rioting earlier this month. With the governments' scrapping of EMA, the tuition fees increase, the closure of youth centers; not forgetting exorbitant car insurance prices - don't be surprised if we see further disquietude manifesting violently in the near future.