Cut Insurance Premium Tax for young drivers to help them get on the road

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Cut Insurance Premium Tax for young drivers to help them get on the road

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Car insurance is so costly that it's out of reach for many young drivers, restricting their opportunity to contribute to the economy.

Car insurance providers are increasingly adopting the use of telematics to help reduce premiums, and more young drivers are opting for ‘black box’ insurance too. By agreeing to have their driving behaviour monitored, they’re pledging to drive more safely in return for lower premiums.

Whilst backed in principle by the Government, every telematics-based insurance policy sold is subject to Insurance Premium Tax at 6%. With an average car insurance premium for a 17-22yr old male of £2,792, this creates a tax bill of £167.52. This is also a regressive form of taxation.

To help young people get on the road and reduce accident rates amongst novice drivers, we call upon the government to wholly remove or significantly cut the rate of Insurance Premium Tax for anyone under 30yrs old that takes out telematics-based car insurance in their first year.

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