It’s no secret that driving is a costly business. As if paying for driving lessons, a theory test, and a practical test didn’t cost enough, younger drivers get the short end of the stick when it comes to paying for car insurance too. But don’t worry, we’ve got you covered. Read on to discover our top tips on finding the cheapest car insurance for younger drivers.
To help you navigate the confusing world of car insurance, Motors.co.uk has teamed up with our good friends and renowned insurance experts, Confused.com. We’ll make sure you’re in the know about how best to keep your insurance costs down, which insurance group to go with, and where to go to get the right deal for you.
Why do younger drivers pay more than everyone else for their car insurance?
Each driver’s insurance bracket is determined by how likely they are to make a claim. As younger drivers are statistically the most likely demographic to be involved in a road accident, insurers require them to pay more to cover this additional risk.
There are 50 different insurance groups altogether, which means that there are a lot of factors affecting which bracket you and your vehicle will come under. To help make things clearer, take a look at this handy guide on insurance groups which should give you some indication of where you are on the scale.
Before you commit to a deal, it’s important to make sure that you know which type of cover will be right for you. The three categories are:
- Third-party only
- Third-party, fire, and theft
The insurance policy you choose is entirely up to you, but it’s always worth knowing more about which options are available to you and what they entail before you make a decision.
Factors that can affect the price of your car insurance
- The type of car you choose (the smaller the engine, the lower the cost)
- The type of security (the safer the car, the lower the cost)
- Who drives and owns your vehicle
- How and where you use your car
- The type of cover you choose
- The level of excess you pay
Finding the cheapest car insurance deals
Choosing the right car insurance policy can often feel a bit daunting, particularly for first-time drivers. However, while there are lots of things that can affect the price of your car insurance (and it’s important to consider them all) this also means that there are plenty of ways to decrease the price of your cover. To help make things clearer, here’s a handy list showing what to consider to help you get the best deal for you.
First up is the type of car you’re insuring. Typically, the smaller and more economical the car, the less it will cost to insure. For an idea of which models are cheapest to cover, take a look at our handy guide on the Best Cars for first time buyers and the cheapest cars to insure in 2019.
Fitting a security device is another way to keep your insurance costs down. Sadly, car-related crimes are all too common occurrences, particularly in urban areas. As a consequence, how secure your car is matters to insurers. The safer your vehicle, the lower your insurance costs. Find out more about how to keep your car safe and insurance costs down.
Type of cover
It can be easy to choose your level of cover based on what your parents, friends or partner have, but don’t be fooled—never assume that a certain type of insurance will be cheaper before doing your research first. Research all of your options before you settle as prices may vary from person to person and can change over time.
Paying more can cost you less
If you’re ever unlucky enough to need to make a claim on your insurance and you are to blame for any damage caused, you will need to pay excess. If this is the case, increasing how much voluntary excess you pay can help reduce the price of your premium.
Add a friend
If you’re new to the road, adding a more experienced driver such as a parent to your insurance can bring the cost down. However, be sure to give accurate information about this to your insurer to stop any incorrect information from invalidating your policy.
How many miles you cover each year affects your premium. Make sure you calculate this information correctly. You can do this via an online mileage calculator.
Stick to the rules
Unsurprisingly, having a clean license will keep the costs of your cover down, so driving responsibly is an all-round winner. You can stay safe whilst simultaneously avoiding getting any points on your license which is an important part of getting and keeping cheaper car insurance.
If you feel confident that you are a safe driver and annoyed by the fact that your insurance is based on statistics rather than how you perform behind the wheel, you may benefit from having a telematics black box installed in your car. This works by tracking how well you drive based on your speed, braking, cornering and more. This can potentially decrease the price of your insurance policy if you stick within its limits. Find out more about black boxes.
The Best Policies for Younger Drivers
While there are limited policies to choose from, the policies available to younger drivers offer different types of cover and at varying costs. But remember, what was right for your parent/friend/partner may not be right for you, so it’s best to do your own research and consider all the options before signing up.
Read on to discover the different types of insurance policies:
- Learner driver policy: In the early stages, a learner driver policy will cover you while you learn to drive on a provisional licence.
- Third party: Third party insurance is usually considered the cheapest, but this isn’t always true. Third party will cover you if you hit another driver but it doesn’t cover your car or any necessary repairs. See more on third-party policies.
- Third party, fire and theft (TPFT): This type of policy is an advancement on third party cover, including cover for your vehicle against theft and fire.
- Comprehensive policy: One of the more expensive options for younger drivers, comprehensive insurance gives you the greatest level of protection, including cover for accidents no matter who was at fault.
- Black box or telematics policy: As mentioned above, this policy requires you to have a small device fitted in your vehicle which measures how you drive and whether you are compliant with their safe driving standards. These are a great idea if you are an incredibly safety-conscious driver but require commitment. Unfortunately, these are only available from certain insurance providers.
So, whether you’re looking for yourself, for a friend, or to help a family member—finding cheaper car insurance for younger drivers doesn’t have to leave you confused and out-of-pocket. Keep the above tips in mind when researching for the best cover for you and relax. Motors.co.uk and Confused.com have done the difficult bits for you, so the whole process should be a lot less complicated when you get around to it.