Why Young Drivers Pay Higher Premiums
Passing your driving test was hard, but trying to find reasonably priced car insurance is a different matter altogether.
It is well known that young drivers pay higher premiums for car insurance compared to older, experienced drivers. However, many insurers will not cover teenage drivers because of the higher risks involved.
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Avoid driving without car insurance. A governmental estimate highlights that 1.4m motorists are without insurance cover. Uninsured motorists are at risk of being fined of up to £5,000 and getting six to eight points on their licence.
Should be the main driver or registered keeper of the car, do not insure the car in your parents’ name and add yourself to the policy as a named driver. This is called ‘fronting’, a type of insurance fraud which invalidates your policy and can lead to a charge of driving without car insurance.
Why are car insurance premiums for younger drivers so high?
Car insurance for young drivers is incredibly high in contrast to the national average due to young drivers being more risky. Motorists aged between 17 and 25 are responsible for one third of road fatalities in the UK. Statistics demonstrated that one out of five drivers is involved in a crash in the first 12 months. Moreover, statistics highlight that young drivers are more susceptible to being victims of theft, fire and vandalism leading to insurance claims.
How to find cheaper car insurance for young drivers
There are many ways in which young drivers can lower the price of their car insurance premiums.
Several companies fit a ‘black box’ to your car which tracks your movements. You are normally rewarded should you drive a set number of miles and avoid driving late at night, when most accidents happen.
Try to buy a sensible car. Each car is aligned with a car insurance group; the lower the group is that your car belongs to, the lower the premium. You can find details of car insurance groups on the Association of British Insurers website (www.abi.org.uk).
It may be advisable to take the Driving Standards Agency’s Pass Plus course, which provides extra tuition on motorway, night and inner city driving. You are able to take the course at any time, even though it is targeted at new drivers during the first year of passing their test. The course consists of six modules and takes a minimum of six hours to complete. There is a charge of £150. However, it is usually worth the money as drivers who finish the course successfully can earn discounts on their motor insurance of up to 35%.
Shop around and see what you get for your money. Ensure you are comparing like for like.
Do not presume that third party insurance is the cheapest option for young drivers. If you damage another vehicle when you are driving it can cover the repair costs of that vehicle. However, this third party insurance does not cover damage to your car so you will need to pay for any repairs yourself. Whereas, fully comprehensive car insurance protects your car and other vehicles.
It is best to get quotes for third party; third party, fire and theft, and fully comprehensive car insurance and work out what is going to be most cost effective.
You may consider that you should get considerable savings on reaching the age of 21. It is cheaper post 21 compared to your teenage years. 21 year olds are still expected to pay disproportionately high premiums in comparison to older motorists due to their being more likely to have an accident.
25 year olds motorists are classified as young drivers. Brake, the road safety organisation, recently highlighted that a quarter of fatal and serious injuries sustained in car crashes involve motorists aged under 25.