Car insurance costs skyrocket, 90% of young drivers urge government aid

Trakm8’s Young Driver Campaign: Why Your Uncle’s Car Is So Expensive

We’ve all heard the old saying, “It’s a car, not a curse.” But for drivers under 25, that “car” can feel more like a financial dragon breathing a hefty weight on their wallets. Trakm8, the UK’s go‑to guru for connected car data and devices, is on a mission to help them out of this nightmare.

The Problem: Sky‑High Premiums That Even the Sun Can’t Pay For

With an average premium of £2,041 for 17‑24 year olds, the Insurance Premium Tax (IPT) can add £244‑£408 a year.
Over 55% of young drivers are struggling to keep their insurance afloat.
90% of them want the government to step in so the cost doesn’t feel like a budget nightmare.

Adam Gooch, Managing Director of Insurance at Trakm8, called out the skyrocketing IPT figures: from a modest £1.7 billion back in 2000/01 to a jaw‑dropping £7.34 billion in 2022/23, an 11% jump.

What If the Government Mopped Up the IPT?

Imagine the government quietly trimming the IPT for young drivers—like cutting an extra layer of carpet. That could save them a chunk of dough and let them invest more in their future, whether it’s a degree, a startup, or a new playlist of classic rock.

Trakm8’s Telematics Solution: See Your Driving Habits, Cut Your Costs

Telescopic data, powered by machine learning and AI, turns every drive into actionable insight.
Insurers can then customise policies on a per‑driver basis, rewarding safe road warriors.
According to the campaign’s survey, 86% of young drivers would gladly share their parking habits and speeding stats if it lowered their premiums.

In short, a smart dashboard that’s both a safety net and a savings machine—get it?

Partnering With You

Trakm8 isn’t just selling hardware; they’re building partnerships with insurers and advisers to educate the next generation of drivers about the true benefits of telematics—learning how safe turns can pay the lowest cost in a box of coins at the point of sale.