Young people aged 18 to 35 and insurance

Sunday 10th November 2024 07:04 AM

Recent inflation has had a strong impact on the purchasing power of young people, making the management of constrained expenses, such as insurance, crucial for their budget. A recent study by Lesfurets shows how young people, particularly those aged 18-35, adapt their choices to reduce these essential costs by comparing the available offers.
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Car insurance: choices dictated by the budget
For 18-24 year olds, the priority is clearly to minimize costs. Thus, 38% of them opt for the third-party formula, which is less expensive. In 2024, this formula is offered at €1,047/year, up 3% compared to 2023, while the all-risk formula reaches €1,768/year (+6%). On the other hand, 25-35 year olds prioritize security more, with 52% choosing the all-risk formula, at an average price of €1,130/year (+9%).
The Provence-Alpes-Côte d’Azur, Île-de-France and Auvergne-Rhône-Alpes regions appear to be the most expensive, highlighting the geographic disparities in insurance rates.
Home insurance: more moderate costs for young people
Unlike car insurance, young people pay less on average for their comprehensive home insurance. 18-24 year olds will pay around €140/year in 2024, and 25-35 year olds, €177/year. These two age groups, mainly tenants, represent more than 50% of quote requests at Lesfurets.
Comparison, an essential reflex to optimize the budget
This study reveals a strong trend among young people: faced with increases, they adopt the reflex of comparison to optimize their constrained spending. Whether for car or home insurance, they adjust their choices according to their personal situation and their means, thus helping to better manage their purchasing power in a tense economic context.