Teen driver Photo: 123rf
The Commission for Financial Capability says only 59 per cent of 18 to 34 year olds report having car insurance, due to the high cost of policies.
It says this can have massive financial consequences for young people, and it's calling on the insurance sector to introduce new black box technology being used in the UK which monitors and assess young drivers' performance and can reward them with lower premiums.
The Insurance Council agrees that too few young drivers are insured. Is new technology the answer? Kathryn speaks with Chief Executive of the Insurance Council Tim Grafton, Personal Finance Editor for the CFFC Tom Hartman and Principal Advisor Regulation for the AA Mark Stockdale.
