More than half of young drivers admit they are struggling to afford cover and 90% believe the government should offer support, according to a survey by telematics firm Trakm8.

The supplier of connected car data and devices for UK insurers and brokers commissioned a national young driver survey as part of its young driver awareness campaign. It aims to highlight how increasing insurance costs are impacting their lives, careers, finances and independence, and to offer advice to help understand how to take control and even help reduce insurance costs.

The survey results showed that over half (55%) of drivers under 25 are struggling to afford to insure their vehicles and 90% believe the government should intervene to help make cover more affordable for young drivers in the UK. Trakm8 says that one way the government could intervene is to reduce the insurance premium tax on car insurance for young drivers. Currently, UK drivers pay either a standard rate of 12% or a higher rate of 20% of the total policy cost. With the average premium for 17-24 year-olds at £2,041, this tax is costing young drivers between £244 - £408 a year.

Adam Gooch, MD of insurance at Trakm8, said: “The revenue the government makes from the IPT tax has increased hugely in the last few years with the 2022//23 figures showing revenues of £7.34 billion which was an 11% increase on the previous year and a huge jump from the £1.7bn revenue in 2000/01.

“It therefore seems a viable option that the government could intervene and help reduce the cost of cover for young drivers especially as so many are reliant on their vehicle for their education and careers.”