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However, there are a few things that can benefit a young driver looking to reduce their premiums.
If your chosen car is a cheap one, that reduces your premiums somewhat. You can also choose a policy which requires a higher excess in the event of a claim – but be careful not to choose a level of excess you aren’t confident you’ll be able to cover!
You could also consider black box insurance, also known as telematics, to help reduce your premiums. This insurance monitors your driving and can show who was at fault in the case of a collision. Because of this, it’s considered lower risk for insurance companies, and premiums tend to be lower to encourage safe drivers to take it up.
Lastly, of course, policies with less cover are usually cheaper. But be careful – make sure you have the coverage you expect to need!
Third party insurance is the cheapest, but only covers you against accidents on the road. The next level also protects you if your car is stolen or burned out. Comprehensive cover is the most extensive level of cover and is usually expected to be the most expensive. However, because many ‘risky’ drivers choose Third Party Fire & Theft to save money without checking, some TPF&T policies are more expensive than comprehensive policies.
This is especially true for young drivers, so taking the time to compare policies can be important in getting the cover you need at a price you’re comfortable paying.