Newly qualified motorists may be happy to hear that the average cost of young driver insurance has reduced slightly from the beginning of April to the end of June this year.
The AA British Insurance Premium Index showed that there was a 5.6% decrease in the cost of cover for people between the ages of 17 and 22 during this period.
However, there has been a significant increase in the cost of third party fire and theft insurance since 2010, and young people continue to have greater difficulty finding cheap car insurance than experienced motorists.
A spokesperson for the AA said, "The easing of insurance prices is welcome news, especially for young drivers whose premiums have become unaffordable for many.
"I predicted last year that during 2011 we would see competitive pressure returning to the market which would help to reduce the rate of increase."
In related news, a major price comparison website recently revealed that male drivers aged between 17 and 20 have to pay £4,006 on average for yearly insurance. Women in the same age group are currently expected to pay far less.
Some male motorists, who are particularly eager to secure affordable young driver insurance, may be interested to know that by getting married they could make savings of £1,000 per year on their chosen policies.