It is an exciting time for young drivers. You have just passed your test, the “L” plates are gone, and now it is time to get on the road! But if you are a young driver aged between 17-24 it can be a challenge to find an insurance policy that is right for you without putting a serious dent in your finances.
As specialist providers of young driver insurance, we have put together this handy guide to provide you with tips on obtaining the right cover at the best price.
Why is insurance so high for young drivers?
Insurance is based on risk and the greater the risk to insurers the higher the premium cost to the customer. Sadly, young drivers are statistically more likely to be involved in an accident than any other age group. As there is more chance of a claim from young drivers, insurers view them as a high-risk group and the cost of their cover is increased accordingly.
Road safety charity Brake state:
- Globally, road traffic crashes are a leading cause of death among young people, and the main cause of death among those aged 15–29 years.
- 1 in 5 drivers crash within a year of passing their test.
- 4,000+ young drivers are killed or seriously injured on UK roads every year.
Furthermore, the government’s THINK! road safety campaign states young males aged 17-24 are four times more likely to be killed or seriously injured, compared with car drivers aged 25 or over – and young male drivers are more likely to crash with passengers in the car.
How can young drivers get cheaper car insurance?
Your choice of vehicle can have an impact on the cost of your policy. Factors including vehicle type, engine size, the vehicle group and the overall value of the vehicle can all play a part in determining the cost of your cover. Opting for a vehicle with a small engine and low insurance group can help towards reducing overall costs.
Adding modifications may also be tempting, but any aftermarket alterations outside of the standard vehicle specification can also lead to a steep incline in the price of your premium. In worst case scenarios, if these modifications are not disclosed during your quotation, you can also be left with invalid cover. The only modifications that could be worth considering at this stage would be to improve your vehicles security (alarm system or engine immobiliser for example) as these could help reduce the cost of your policy.
Black box policies for young drivers
Black box insurance, also known as telematics insurance, sets the price of your premium based on how you drive. How does this work? You have a device installed in your vehicle, approximately the size of a smartphone, that monitors driving behaviour including factors like speed and distance driven. As a result, the cost of your renewal is adjusted accordingly. These types of policies are ideal for young drivers who operate their vehicle safely and sensibly and the reward is a cheaper insurance premium. Please bear in mind that operating outside of the terms of your policy could have a negative impact on the price of your policy, or even lead to cancellation.
What is the cheapest way to insure a new driver?
When requesting a quote, be as specific as possible when it comes to your circumstances. Be as honest and accurate as you can with all your details. It is the small details that can play a large part in assessing the cost of your policy. Here are some other potentially money saving tips:
Paying annually can lead to savings
Most insurers offer the option to pay your premium monthly, but if you can pay the price of your premium up front you will avoid monthly charges and ensure you do not have a lapse in cover as a result of missing a payment.
Only request the mileage you need
If you are only going to use your car at weekends or plan to limit the amount you drive, make a sensible estimate of the miles used annually and include that in the initial quotation request. You could work out your annual mileage by calculating your average weekly miles and multiply this by 52 weeks. There is no point paying for miles you won’t use.
Increasing your excess could lower your cost
If you are confident that you are a safe driver, consider increasing your voluntary excess. This can lower the cost of your premium but also means paying more up front should you need to make a claim.
The right cover can save you money
We offer two levels of cover depending on your circumstances (comprehensive and third party, fire and theft) allowing you to choose the level of cover that is best for you. Don’t always assume that the less coverage the cheaper the policy as this may not be the case. Compare the two levels of cover before deciding which is right for you.
Ghost broker car insurance
Scammers, or ghost brokers, have a long history of taking advantage of inexperienced drivers when it comes to getting a cheap quote online. Many will offer prices far lower than you may have seen previously, but in reality, you will be left without insurance and financially worse off. If in doubt check that your potential insurer or broker is recognised by the Financial Conduct Authority.
Where can I buy young driver insurance?
You can also call 01704 270 031 to speak to one of our friendly UK-based young driver insurance experts.