Car insurance for young drivers is always expensive. In the past few years, the cost of car insurance in the UK has increased dramatically.
According to July 2017’s AA British Insurance Premium Index, the average insurance premium for drivers between 17 to 22 years of age is up to about £1,771. The actual cost of car insurance can actually be higher than that.
Insurance for first-time drivers over 25 years of age is less than that for the younger driver. The older drivers can get cheaper insurance.
The reason behind the high cost of car insurance for younger drivers is that they are more likely to be involved in road traffic accidents.
According to the numbers, a quarter of all drivers involved in road traffic accidents are aged between 18 years to 25 years. The susceptibility of new drivers, 17 years of age that are involved in collisions is one in six.
Also, younger drivers don’t have the chance to produce a no-claims bonus history which actually is a determining factor for the insurance companies to figure out if it is a safe bet or not.
So that mean insurance for younger drivers will always cost the most.
According to the experts, insurance premiums can be controlled by the new telematics box installed in cars. It is noteworthy that the box delivers all the data pertaining to how the driver is driving the car. The “black box” keeps a tab on speed, sharp acceleration, time of driving the car, and sudden braking. A penalty has to be paid for driving at night. But some amount can be saved here.
According to the uSwitch quote in December ’16/January ’17, drivers between 17 to 21 years of age can save about £1,282 on an average by installing a telematics box and refusing the standard policy.
Experts say the Telematics box helps to bring down insurance costs as people drive more carefully.
Another reason behind the high price of car insurance is that people do not spend much time finding the best quote and settle for what’s offered to them. Experts suggest extensive research before buying insurance. Cheaper car insurance can be found by looking around for options.
Furthermore, premiums are also determined by the car one is driving. Car insurance is categorized from one to fifty. Experts suggest that getting insurance for group one or two cars is cheaper than getting it for higher category cars.
Experts say that getting third party car insurance is a good deal for low value vehicles. It pays for all the damage caused to the other person involved in the accident. To cover the car in case of theft, or damage due to fire, one would need third party, fire, and theft. Getting “fully comprehensive” insurance is the best. Paying lump sum is a better option than paying monthly, they add.
According to some young drivers, adding an older experienced driver to the policy has benefited them in getting ideal insurance. They suggest that adding an older driver gives reassurance to the insurer that the younger one is not the only driver and that chances of an accident are less. But, one thing to keep in mind is that the car has to be in the name of the main driver as “insurance fronting” is illegal.
The experts also say that security features including an immobilizer or alarm can save on premiums.
Keep these criteria in mind while looking for car insurance to get the best and the cheapest.