Getting cheap car insurance as a young driver is not an easy task. With limited experience on the road, high accident rates, and a poor credit history, many insurance companies consider young drivers to be high risk. However, with some research and attention to detail, it’s possible to find affordable car insurance options that won’t break the bank. In this guide, we’ll provide you with some tips and tricks to help you get the best deals on car insurance as a young driver.
What is Young Driver Car Insurance?
Young driver car insurance is car insurance specially designed for drivers between the ages of 16 and 25. Because young drivers have less experience on the road and are more likely to be involved in accidents, insurance companies often charge them higher premiums.
Young driver car insurance typically includes standard coverage options like liability, collision, and comprehensive insurance. However, most young driver policies come with higher excess payments and additional restrictions to help reduce the insurer’s risk.
Why is Young Driver Car Insurance so Expensive?
Young driver car insurance is expensive for several reasons. Firstly, younger drivers lack experience on the road and are more likely to be involved in accidents. Additionally, younger drivers often have a poor credit history, which can also affect their insurance rates.
Insurance companies use statistical data to determine the risk of insuring a driver. According to the Association of British Insurers, drivers between the ages of 17 and 19 are more than twice as likely to be involved in a car accident as drivers aged 40 to 49. This increased risk is reflected in higher insurance premiums for younger drivers.
Another factor that drives up insurance costs for young drivers is insurance fraud. Young drivers are often targeted by fraudulent insurance providers offering cheap insurance premiums in exchange for cash. These providers often provide fake insurance policies, leaving the driver unprotected in the event of an accident.
How to Get Cheap Car Insurance as a Young Driver
Although young driver car insurance can be expensive, there are ways to save money on your premiums.
1. Increase Your Excess
By increasing your excess payment, you can lower your monthly insurance premiums. However, keep in mind that by doing so, you’ll be responsible for a larger out-of-pocket expense in the event of an accident.
2. Add a Named Driver
Adding a named driver to your policy can help reduce your insurance costs. Ideally, the named driver should be an older, more experienced driver, as this can help reduce the overall risk of insuring you.
3. Drive a Car with a Smaller Engine
Cars with smaller engines are typically cheaper to insure. If possible, consider driving a car with a smaller engine to help reduce your insurance costs.
4. Make Your Car Safer
Installing additional safety features in your car, such as alarms, immobilisers, or tracking devices, can help reduce your insurance premiums.
5. Pay Annually
Although paying your insurance premiums annually can be a large upfront expense, it can help reduce your overall insurance costs.
Can I Get Car Insurance at 17?
Yes, you can get car insurance at 17. However, insurance premiums for younger drivers are often higher than for older drivers.
Can I Drive Someone Else’s Car on My Insurance?
It depends on the specific terms of your insurance policy. Some policies may cover you to drive someone else’s car, while others may not.
Is Black Box Insurance Cheaper?
Black box insurance can be cheaper for some drivers, as it uses telematics technology to track your driving habits and adjust your premiums accordingly. However, this type of insurance may not be suitable for all drivers.
What is a No Claims Discount?
A no claims discount is a discount on your car insurance premiums that you can earn by not making any claims on your insurance policy for a certain amount of time. The longer you go without making a claim, the higher your discount will be.
Can I Drive Other Cars with Fully Comprehensive Insurance?
Again, this depends on the specific terms of your insurance policy. Some policies may allow you to drive other cars with fully comprehensive insurance, while others may not.
Getting cheap car insurance as a young driver can be challenging, but it’s not impossible. By increasing your excess payment, adding a named driver, driving a car with a smaller engine, making your car safer, and paying annually, you can help reduce your overall insurance costs.
Remember to always compare quotes from multiple insurers to ensure you’re getting the best deal possible. With some research and attention to detail, you can find affordable car insurance that will keep you protected on the road.