Car insurance for young drivers is a costly business these days and many insurers admit that they are less than willing to insure drivers falling into this high risk category.
While statistics are notorious for being ‘flexible’ those relating to the 17-25 year old age group of drivers are fairly clear. Accounting for only a small amount of drivers on the UK’s roads, there is a one in three chance they will be behind the wheel during an accident. With quotes ranging from £2000 – £10000 it’s unsurprising that many young drivers find it impossible to buy insurance. Understanding the market and how to access cheaper quotes is crucial for many young drivers and can offer some significant savings.
Busting some Myths
Car insurance for young motorists is cheaper if you are female. Not anymore! Despite statistics showing that the highest risk driving category is actually men between the age of 17 and 25, recent equality rulings have made it impossible for insurance companies to offer lower premiums for women.
There are no ways to cut the cost of car insurance for young drivers. Wrong again. There are a number of simple ways to reduce the cost of your premium – even in your first year of driving.
Adding a young motorist to an older driver’s policy is the best way to save money. This can save money, but doesn’t allow you to build up your own no claims bonus. A policy in your own name allows you to do this and to benefit from significant reductions in the cost of subsequent years insurance.
Third party is cheaper than fully comprehensive insurance. For experienced drivers this is usually the case – but not so for young drivers. Often the costs can be roughly the same, but fully comprehensive can come with added extras such as breakdown and recovery. The extras can actually make it the most competitive car insurance for young drivers
Finding some solutions
A lower powered, older car will be cheaper to insure than a brand new high performance model. It may not be the car of your dreams, but can help you to gain experience of driving and build up a record of good driving.
Adding security features such as immobilisers, alarms and parking off-road or in a garage can help to reduce the cost of insurance.
Additional driving courses such as Pass Plus can allow you to access significant savings on car insurance for young drivers. The course costs around £150 but some insurers will discount your policy by up to 35%.
Consider ‘Pay how you drive’ policies. These are few and far between at the moment but are aimed at young drivers, specifically to lower their insurance costs. A smart box is fitted to your car and monitors your speeds, braking, cornering and other driving skills. Good driving is rewarded with excellent rates of car insurance for young drivers.
Comparison shopping is a must for any driver, but especially for car insurance for young drivers. Comparison sites don’t always check the same insurers so check a few and look for specialist sites and brokers. The car insurance industry is competitive and there are insurers looking for your business. Some simple steps and a little time invested in hunting down the deals can mean that car insurance for young drivers is still a possibility.