Having car insurance ensures you are covered financially if the worst were to happen to your car. This could be damage from an accident, theft, vandalisation and fire damage. It means you won't have to dig into your own pocket to pay for potentially huge repair or replacement costs.
Car insurance is a legal requirement for cars driving on public roads. You will be heavily penalised if you are found to be driving without insurance. The minimum level of cover you must legally have is third-party car insurance. This would cover the damage to another person's car, for example in a collision accident, but provides limited cover for your own vehicle.
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How much does car insurance cost?
Car insurance is either made up of an annual or monthly premium. Annual premiums are paid in a single lump sum when a policy is taken out, monthly premiums will require a deposit and a monthly direct debit. There are many factors that come into play that will affect the cost of your car insurance. It needn't cost the earth when you take the time to compare premiums.
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Reducing Insurance Premiums for Young Drivers
A few things can benefit young drivers looking to reduce their premiums.
If your chosen car is cheap, 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 select a level of excess you aren’t confident you will be able to cover!
You could also consider black box insurance, or 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 a lower rit’sfor insurance companies, and premiums tend to be more down to encourage safe drivers to take it up.
Lastly, of course, policies with less coverage are usually cheaper. But be careful – ensure you have the range you expect to need!
Third-party insurance is the cheapest but only covers you against accidents on the road. The next level protects you if your car is stolen or burned out. Comprehensive cover is the most extensive and is usually expected to be the most expensive. However, because many ‘risky’ drivers choose ‘hird ‘arty 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 comparing policies can be crucial in getting the coverage you need at a comfortable price.
Getting your first car is an exciting rite of passage. For many young people, it is their first taste of freedom, a chance to spread their wings and explore the world. That is, until they see their insurance bill. Finding specific Young Driver Car Insurance can be vital in reducing your bills.
Why is young driver insurance so expensive?
Young driver insurance is notoriously expensive. This is because young drivers are likelier to be involved in an accident. Their inexperience can cause them to underestimate the danger in certain situations or to react badly to unforeseen events. This increased risk causes insurers to raise their premiums.
It makes sense for insurers to be cautious around young
drivers. The problem is that careful young drivers are often penalised for the
mistakes of their peers. First-time drivers can find that their car insurance
costs more than the car itself. Since young people tend to be strapped for cash
as it is, this puts car ownership out of reach for many.
How can you reduce the cost of young driver insurance?
Driving safely is the best way for young drivers to reduce their insurance premiums. This allows you to build a no-claims bonus, bringing down your future premiums. Unfortunately, this isn’t much help in the short term. A quicker alternative is to install a black box to monitor your driving. Some insurance companies will offer a discount for young drivers who can prove their safety with such a device. It is also a good idea to pay annually rather than monthly, as this usually works out cheaper.
How to Find Affordable Car Insurance for Young Drivers in the UK?
Are you a young driver looking for affordable car insurance in the UK? You’re not alone. AccorYou’reo research by Compare the Market, the average cost of car insurance for a 17-year-old is £1,403 per year. Insurance companies view young drivers as riskier, often charging higher premiums. However, there are ways to find affordable car insurance for a young driver.
Here are some tips to help you get started:
Consider a black box policy.
One option for young drivers is to consider a black box, or telematics, policy. With a black box policy, the insurance company installs a small device in your car that monitors your driving behaviour, such as your speed, braking, and acceleration. If you drive safely and responsibly, you could save money on your insurance premiums.
According to Toby van der Meer, the CEO of Hastings Direct, “Young drivers are statistically more likely to have an accident, but with the installation of telematics technology, we have seen a 25% reduction in accidents involving our policyholders.”
Choose a higher excess.
When you take out an insurance policy, you’ll be asked to choose an excess, which is the amount you’ll have to pay toward your claims. If you select a higher quantity, your premiums will be lower. However, make sure you choose a lot you can afford to pay if you have to make a claim.
According to Lee Griffin, the CEO of GoCompare, “It’s important to strike the right balance between the cost of your policy and the amount you’re willing to pay any claims.”
Add a named driver.
Adding an experienced driver, such as a parent or older sibling, to your insurance policy can help to lower your premiums. However, ensure the named driver will be driving your car, as it’s illegal to add someone as a designated driver if they don’t use the vehicle.
According to Amanda Stretton, the former motoring editor at Confused.com, “Adding a named driver” with a clean driving license and several years’ experience can help to lower your premiums, as the insurance company will view the policy as less risky.”
Consider a smaller car.
Smaller cars are generally cheaper to insure than larger, more powerful cars. If you’re buying a car specifically for insurance purposes, consider a smaller car with a smaller engine.
According to Greg Wilson, the founder of Quotezone, “Young drivers should consider a smaller car with a smaller engine if they want to keep their insurance premiums low. It’s also worth considering the car’s age, as newer cars are often more expensive to insure.”
By following these ti”s, you can find affordable car insurance as a young driver in the UK. Remember always to drive safely and responsibly to keep your premiums low.
It pays to shop around.
It is a sad fact of life that young drivers will always pay more for their car insurance. But that doesn’t mean you can’t get a deal. Whilst prices are high, and so are potential savings, it pays to shop around. At Insuro, we understand how frustrating high insurance premiums can be, so we compare dozens of quotes to find the most competitive options for young drivers. Get in touch today for more details.
Don’t accept the first quote you’re given. Shop around and compare prices from different insurance companies. You can use a comparison website to help you find the best deal.
According to Graham Hill, the CEO of Total Car Check, “Young drivers should u”e comparison websites to find the best deal on car insurance. However, read the small print and check that the policy covers everything you need.”
Please note: This Insurance comparison tool is provided for your use by SEOPA. Insuro.co.uk are not responsible for the contents of the comparison you receive.
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