Petition Moderate Motor Insurance Companies

The current cost of motor insurance for young people within this country is an outrage, how the insurance companies justify this is beyond me.
The fact that they can choose a price and demand it is paid when such thing is required by law is a joke. Insurance prices should be more transparent as to why we pay them and how much of this goes into company profit. A regulation should be brought in to cap how much profit companies can make on things that are required by law.
Transport is usually required to gain employment in this country, how can a young person be expected to pay such hideous fees such as £3000 on a car which is only worth £300 when they are yet to even get a job? I hope sincerely that the government would act on this to help the people instead of appeasing the large corporations of today like they so often do.