Car insurance for young drivers

Car Insurance

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Unlike other policies, the young driver’s car insurance attracts higher premiums, owing to the level of risk associated. Most insurers consider drivers less than 25 years more risky than over the same age. Statistics show that young drivers are more likely to cause accidents than the older counterparts making them a high risk for the insurer. Nonetheless, you can still get cheaper deals when you compare quotes from different providers. Based on a survey by the Money supermarket, the average annual premium that drivers aged between 17 and 24 can pay is about 1183 GBP.

Definition

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If you want to save money on the cover premiums, you may have to shelve the ambitions of driving the dream car. It helps to take a thorough check on what the market provides, the terms associated with each policy and most important the limitation specific to car models. With that, you are sure to buy the car that suits your needs while keeping the running costs low.

If you fall into the age bracket, you probably have an idea on the models that suit your budget. While you could walk through different sites to get the quotes, our insurance comparison service could be all that you need. We have put it together, for you to make decisions within the shortest time possible, as opposed to days of market analysis and calls to the agencies.

Types of car insurance

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When it comes to choosing the level of cover from an insurance policy, the cost is a vital factor that influences the owner’s decision. Nonetheless, the level of protection is not always based on prices but other variables determined by the provider.

The fird party only

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Third party insurance is perhaps an essential cover and the only legal requirement for private vehicles. It, however, does not protect the damage and injuries caused by other people. You are responsible for any repairs and medical expenses that could arise in the event of an accident.

Comprehensive insurance

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offers full protection against damages to the car, injuries to self and others and in case of total loss gives full compensation at the market value of the vehicle. It helps to compare all options available as a fully comprehensive might turn out to be the better option for your needs. However, you need to evaluate the use and the level of exposure to risks that could cause accidents before signing the policy document.

On another front, a comprehensive insurance While the third party, third party fire, and theft has been deemed affordable by many drivers, most insurance companies have raised the prices in a bid to curb risky drivers who want to save money. In fact, most third-party policies will cost you 500 GBP more than the fully comprehensive if you are a young driver.

The telematics option

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Widely known as the ‘black box’ or the ‘telematics’ policy, the satellite method offers perhaps the best way to reduce the cost of insurance for the young drivers. The technology is based on a transmitter box that relays information about your driving style and patterns to the insurance company. The insurer uses the information to set the price of the policy, which is the deviation of your driving style from that of your age group. The approach is deemed fair and has led to some young drivers significantly reducing their premiums.

Ways to reduce insurance costs

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Despite the high premium prices associated with young driver’s car insurance, there are numerous ways you could save on the costs. However, you must be live to the factors that increase the costs, and the risk associated with the policies before you think on how you to save the costs. If you are looking forward to an affordable insurance policy, consider the following:

Paying upfront

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most insurers provide a variety of payment terms often meant to cater for a wide range of clientele. The most common are monthly and annual premiums which vary depending on the model of the car. Annual premiums are often cheaper than the monthly premiums as they do not include interest charged on the installments.

Price comparison

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considered the most basic method to reduce prices, car owners ought to compare prices before registering or renewing an existing policy. It gives an opportunity to choose the cheapest policy as well as the platform where you can engage your preferred insurer for better terms. The best part is that you can use our comparison tool to get the best out of the top insurance companies in the country.

Named driver

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a named driver is any other driver that uses the car frequently after the owner. If your driver spends more time with the car that you, they are the main drivers. Be sure to include an experienced driver as a named driver as it comes with discounts from the insurer. Similarly, you may consider honing your driving skills to reduce the cost of the policy premium.

Voluntary excesses

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while most insurers set the amount you pay upfront during a claim, you may need to set your own. Voluntary excesses lower the cost of the premium, but only to a given extent, hence the need to know pay just what you can afford.