Learning to drive and passing your test is a huge milestone for many young people. It can take months of driving lessons, hours of revision for the theory test and finally the nerve-wracking practical test. The excitement of getting behind the wheel of your first car can be one of the most liberating feelings. But this is often followed by the harsh reality of eye wateringly expensive insurance. Sadly, young and newly qualified drivers are statistically more likely to be involved in an accident than any other driving group. The average insurance quote for a low risk driver is around £680, for young drivers it’s a hefty £1400. This constitutes approximately 10% of an average annual salary!
Young drivers often struggle to find affordable car insurance, that’s why we’ve detailed some helpful ways to decrease your premium and help keep more cash in your wallet.
It’s a common misconception that third-party insurance is cheaper as it doesn’t offer you full comprehensive cover during an accident. Generally, people are unaware that insurers will often bump up the price of your insurance more than if you have comprehensive cover. In one quote, a young driver could’ve saved £1500 for comprehensive cover. This is due to the risk element of not being fully covered for all parties. In some cases, you can find savings of over £1000 annually just by taking comprehensive insurance!
Again, you would imagine that adding another person to your insurance policy would increase the price of your premium. Yet adding a responsible driver as an occasional user cuts the cost by around £1000. As insurance is all about risk, adding a responsible driver will cut the average risk, thus bringing down the premium cost.
Having a better driving record can save you money. This is because insurers will see you as a lower risk driver. By law, insurers can’t discriminate based on gender, but age, experience and history can make a difference for your wallet.
Black box insurance offers young drivers cheaper insurance based on your actual driving rather than general statistics. The black box is a device that is fitted to your car to record your driving performance. It records things such as speed, cornering and braking, and based on your driving, insurers can offer you cheaper premiums. So if you’re a good driver, you will be rewarded.
Don’t add someone as a main driver if they’re not. This is called ‘fronting’ and is fraud. You could be faced with a criminal conviction, invalidation of your insurance and even your vehicle being seized and destroyed.
Young drivers have more expensive premiums than any other age group. The best way to reduce the cost is to shop around, and drive sensibly.
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