Insurance premiums have gone up in 2010 because of the number of uninsured drivers on the road and the increase in the amount of claims being made. If you have shopped around and still can't find any cheaper quotes than £47 a month, I'd say stick to that because that's a really good deal for someone your age.
Young drivers are paying well above £2500 and you're getting yours for around £570 a year! I know that car insurance should be getting cheaper and cheaper with every year that you drive claims-free but there are also factors involved in calculating premiums as well.
What was your renewal quote? And did you use a car insurance comparison site at all?
