For most young drivers it is pretty common knowledge nowadays that insurers simply don’t want you. Insurance companies are trying to charge young drivers an extortionate amount of money which no normal person can afford as it seems they do not want the hassle which is associated with young drivers.
Apparently, young drivers are more likely to be distracted at the wheel of a car thus causing more accidents to them and surrounding vehicles which sends the cost of young driver policies rocketing through the roof. Therefore, some insurance companies find no problem in quoting young drivers an excess of £10,000 to ensure they cannot insure with their Insurance Company.
A survey conducted by young driver insurance specialist ‘Young Marmalade’ and the House of Commons Transport Select Committee which polled 1,127 younger drivers showed that an incredible 96% of young motorists feel ‘priced off the road’.
A shocking 30% of young drivers have considered altering their personal or vehicle information to lower their insurance quote. Also, 21% of them have thought about driving without insurance, which is a criminal offence.
In addition, many parents choose to insure their children’s car for them in their name and then add their offspring as a second driver. This practice known as “fronting” and although many do not realise, it is illegal.
It’s a fact that uninsured drivers cause insurance premiums to rise, however when insurance companies effectively block all routes of insurance to a young driver, many of them are likely to seek illegal routes.
It’s understandable that insurance companies need to charge larger amounts of money that will cover young drivers due to them being more of a liability. However, I am sure we would all agree that it would be better all-round if young drivers could afford to insure; legally as none of us want to be hit by an uninsured driver.
Here are some top tips to enable young drivers to get a fair price for car insurance:
1. Choose the car carefully
A car make, model and age can make a huge difference to insurance premiums. It is best to choose a modest vehicle without any modifications.
2. Cut down the amount of cover
Young motorists should consider dropping down to third party fire and theft or third party-only cover as limited cover is better than the illegal route of driving without insurance.
3. Keep your licence clean for at least a year
Drive ultra-cautiously in your first year as young drivers are most likely to have an accident. A clean, full driving licence for more than a year will help to lower your insurance premium.
4. Make sure you shop around
Shopping around for car insurance could find you a deal to help slash your premium. It’s a proven fact that getting quotes online could reduce your premium by more than a third.
Compare car insurance quotes with Powerseeker here.
5. Share a car and become a ‘named driver’
Your own personal policy may cost a small fortune but it would cost a lot less if you were named on the insurance of your parent’s car.
However, it is not an option for parents to insure their children’s car for them in their name and then add the child as a second driver as this practice known as “fronting” and it is illegal.
6. Become a safer driver
Taking an Advanced Driving Test could help you to become a safer driver. After passing this test many insurers will lower your premium.
7. Look after your car
Look after your car as by keeping it safe will reduce the risk of an accident or theft claim which will help to build up your No Claims Bonus discount which will help to save you money the next time you renew your car insurance.
Finally, the very best way to keep your insurance premiums affordable is to drive carefully, so go easy on that accelerator pedal!
8. Ask for a discount
You can reduce an insurance premium using a range of security and safety discounts. For example, an insurer-approved car alarm or tracker will lower your premium. Also, adding a second named driver to your policy could cost you less on the overall cost.
9. Increase the voluntary excess
A standard policy excesses is usually between £100 to £250, which is the amount that you would have to pay for each claim. However, you could increase the voluntary excess by choosing to pay more which would lower the cost of the voluntary excess.
10. Pay annually where possible
If you can afford to then pay for your insurance with a one off payment.
If you do have to pay for your car insurance via monthly premiums you could pay extra of up to 30% APR.
On a final note, keep it legal by taking out adequate car insurance. It is law in the UK for every every person who uses a vehicle on the road to have at least third party insurance.
