Thousands of British motorists break the law and risk prosecution by driving without adequate car insurance. Avoiding paying for insurance is a false economy that could have serious financial and legal implications. But not only are these drivers committing a criminal offence they are also pushing up the cost of insurance for honest drivers.

The legal minimum requirement for car insurance is Third Party cover, which covers anyone involved in a serious accident for medical costs and personal liability. But according to YouGov statistics, 350,000 motorists have admitted to driving without any insurance over the last 12 months, almost half (120,000) aged 18 to 24. MoneyExpert.com says 46% of those driving uninsured blamed an oversight as the reason for doing so. 11% claimed they could not afford the necessary premiums.

"It's a real worry that many people persist in driving without insurance. They are putting the personal and financial security of others at risk,” comments Sean Gardner of MoneyExpert.com. “Insurance premiums have not risen to such a degree that cost can be the only excuse. There are many ways to get a good value policy but regardless of the cost as a legal requirement uninsured drivers should never get behind the wheel."

Those who don't properly insure their vehicle risk gaining six to eight points on their license, as well as the possibility of a ban and a fine of anything up to £5,000. The Motor Insurers' Bureau says the costs incurred by uninsured drivers also adds an extra £30 to the annual premiums of all honest drivers, with around £500 million being paid out in claims each year.