Commercial feature – Car insurance for younger drivers is notoriously expensive but there are ways to keep the cost down.
Research shows that the cost of car insurance for young drivers has increased significantly in recent years. The reason for this is that young drivers (those aged between 17 and 24) are statistically more likely to have an accident.Insurance companies calculate car insurance premiums based on how likely they are to have to pay out. Due to the fact that young drivers are more likely to have an accident, an insurance firm deems them a bigger risk than a driver aged over 25.
On top of this, young drivers are less likely to have had a chance to accrue their no claims bonus – a significant factor in keeping car insurance premiums low.
Although drivers under 25 will almost always pay higher premiums, there are ways to keep premiums as low as possible. As is the case when looking for any insurance policy, the first step is to shop around and get a few quotes which you can compare on a like-for-like basis. This is worth doing as the difference can realistically be hundreds of pounds.
Also, look out for insurance firms which specialise. There are companies which focus on a particular driving sector, and one of these is younger drivers. These companies can often offer the best deals for under-25s, but do make sure you compare their offerings with one from a generalist insurer.
Your premiums will also be significantly affected by the vehicle that you drive. As a general rule, the faster and flashier your car, the higher your policy costs will be. While you build up your no claims bonus, consider the advantages of choosing a car with a small engine and no modifications.
Completing the Pass Plus test can also bring your premiums down. It is an advanced driving test which demonstrates competency. It does cost money to take the test, but you’ll usually find you recoup the fee in terms of reduced insurance costs. Not all insurers reduce the premiums for those who have taken the Pass Plus, but many do.
It is always important to drive as safely as possible. Each time you have an accident or are fined for speeding, the cost of your insurance premiums will increase. The longer you do not make any claims on your insurance, the less a policy will cost you.
The type of policy you take out will also be reflected in the cost. Fully comprehensive cover is the most expensive. The alternative is third party, fire and theft. This means that you are covered if your car is lost through theft or fire, or if you damage another car or property in an accident.
However, if you only take out a third party, fire and theft policy, you will be liable for costs arising from any damage to your car. Therefore, it can be a false economy in the long run and you’ll need to weigh up the pros and cons.
The good news for young drivers is that after the first year, the premiums should start to go down. That’s because it is in their first year that they’re most likely to have an accident. After that insurers see the risk as decreasing, especially for those who have not made any claims.
Although car insurance is more expensive for younger drivers, there are ways to ensure you get the best deal possible.
Read more: http://www.expressandstar.com/lifestyle/motors/2010/11/19/getting-car-insurance-for-young-drivers/#ixzz15kFS2MWi
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