Cheaper Car Insurance For New Drivers
Passing a driving test is a milestone in a young adult's life, giving them a new level of freedom and independence. Unfortunately, the whole business of motoring is expensive - especially with today's fuel prices - and many new drivers find that the costs are beyond them, not least the heavy price of insurance.
Drivers who've just passed their test can often pay up to £2,000 or even £3,000 for their car insurance, making it difficult to afford to run their first vehicle. Young men can find it especially costly, with many insurers charging them up to twice the amount they'd charge for females of the same age.
High Risk = High Premiums
So why is it so expensive? The answer is to be found in accident statistics. Drivers under the age of 21 are ten times more likely to be killed or seriously injured in an accident than those over the age of 35, and not only do younger drivers make more claims, the amounts involved in each claim are on average for larger amounts.
This obviously costs insurers a lot of money, which pushes up the cost of premiums. In fact, so bad is the situation that around a half of insurers won't even provide quotes to 17 year olds.
Young Driver Policies
Some insurers have started to offer specialist policies to younger drivers, which while still expensive at the start offer a fast track approach to building up a no claims discount. In this way, young drivers who prove their safety will enjoy cheaper insurance prices quicker than those who take less care.
Cheaper Insurance Tips
Even if you get such a policy, it makes sense to push the premiums down as low as you can - and here are some tips for getting cheaper car insurance for younger drivers:
- Get a small car with a less powerful engine
- Add your parents parents onto the policy - having safe older drivers listed on the policy will often reduce the premiums, even if they don't actually use the car very often
- Get advanced training after passing - the Pass Plus scheme costs around £180 to give young drivers additional lessons after passing their test. Doing this can knock up to £500 off your first premium, as you'll be considered a more competent driver and so less of a risk
- Pay in advance if possible - while most insurers will allow monthly payments, the interest charged is usually very high
This site is for information only and cannot offer insurance advice for your particular situation.
Consult with an FSA authorised insurance advisor if unsure on any topics related to car insurance.
