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.
Why is young driver insurance so expensive?
Young driver insurance is notoriously expensive. This is because young drivers are more likely 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.
The best way for young drivers to reduce their insurance premiums is by driving safely. This allows you to build up 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.
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 good deal. When prices are high, so are potential savings, so it really pays to shop around. At Insuro, we understand how frustrating high insurance premiums can be. That's why we compare dozens of quotes to find the most competitive options for young drivers. Get in touch today for more details.