Auto Insurance: Sharp Increases Observed for Young Drivers

The first Auto Insurance Barometer from the association “40 Million Motorists” highlights a significant increase in rates, particularly in certain regions and for young drivers. Motorists are encouraged to compare offers and fully understand their coverage to make informed and cost-effective choices.

The organization “40 Million Drivers” is releasing today, Monday, September 30, 2024, the results of its first Auto Insurance Barometer. This study was conducted using data from the online insurance comparison site Assurland.com.

The main finding of this survey is based on an analysis of 240,000 auto insurance quotes submitted to Assurland.com since the beginning of the year. The results show an average increase of 3.8% nationwide.
 

The regions most affected

Three regions are particularly affected by this rise in insurance prices: Île-de-France, Auvergne-Rhône-Alpes, and Provence-Alpes-Côte d’Azur. With an increase of more than 6%, the PACA region has become the most expensive place in France to insure a vehicle, second only to Corsica. The dangerous road conditions and limited competition in the insurance market explain the very high premiums in this region.

Philippe Nozière, president of the association “40 millions d’automobilistes,” responds to this rate hike: “With this increase, don’t hesitate to shop around and, above all, to switch insurance providers if the premiums on your policy become too high. It’s also very important to know what coverage drivers are entitled to under their policy. This will allow them to choose the right coverage and thus pay an insurance premium that matches their needs.”
 

Young people are particularly affected

In addition to regional differences, young people are facing the sharpest increases. In fact, the average premium for young people has risen by 5.6% since December 2023. Their insurance rates are nearly three times higher than those of people aged 56–65. This difference is mainly due to young drivers’ lack of experience. Pierre Chasseray, executive director of the association “40 millions d’automobilistes,” explains: “There are a few tips for choosing the right coverage and paying a fair price! That’s exactly what we want to highlight in this survey, but it’s urgent for French people to shop around for their auto insurance, just as they’re accustomed to doing in other sectors.”