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Cheap Young Driver Insurance: How to get the best deal
You’ve conquered the theory test and proved your skills in the practical. Now you are the proud holder of a driving licence. But the challenges don’t stop there for young drivers.
Aside from the costs of buying a vehicle, you’ve got insurance to consider. News just in from the Association of British Insurers finds that the average motor vehicle insurance premium has reached its highest level ever. It increased by more than five times the rate of inflation in 2016, making it one driving essential that will seriously dent your wallet. Because of the risks associated with younger drivers, insurance for the under 25s is even higher.
So what can you do to secure the cheapest insurance deal?
10 tips for cheaper car insurance for under 25-year-olds
1) Opt for limited mileage deals
ROSPA (the Royal Society for the Prevention of Accidents) estimates that drivers under the age of 25 years cover on average half the distance of drivers aged over 25 years each year. If that is you, don’t pay out over the odds for your insurance. Instead, reduce your premiums by setting a mileage limit. Don’t underestimate how many miles you will cover in a year though as you could invalidate your insurance.
2) Compare third party and fully comprehensive options
Don’t assume that third party insurance will always be cheaper than fully comprehensive cover. In some cases, it will actually be cheaper to take out fully comprehensive cover, as for some insurance companies opting for third party cover is considered riskier.
3) Consider telematics
Insurance premiums for teenagers and young people under 25 are higher because statistically, they are riskier drivers. If you consider yourself a safe driver, take out an insurance deal with telematics, also known as black box insurance or ‘pay as you drive’ insurance. This fits a device to your car that will monitor the way you drive and could reward you for safer driving with lower premiums. Beware, though. If the box registers you driving erratically, prices will increase or your insurance could even be cancelled.
4) Choose your car carefully
Small cars, with small engines, like the Kia Picanto and Peugeot 107 might not be as popular with teens and young people as a Volkswagen Golf or Vauxhall Corsa, but they can be a lot cheaper to insure. If costs are more important to you than image, choose one of these vehicles that are cheaper to insure.
5) Buy breakdown cover at the same time
Purchasing breakdown cover at the same time as your car insurance can be a great way to save some cash compared to purchasing individually. It will also ensure that you won’t be left stranded, or face steep recovery bills if you do break down.
6) Avoid monthly payment deals with high-interest charges
Some insurance companies make money by charging high rates of interest when you to pay monthly. That means you’ll pay out a lot more for your insurance over the year than if you just paid one lump sum in advance. Pay up front if you can to save cash.
7) Check if your occupation makes a difference
If there is more than one occupation that covers the job that you do, make sure you check them all to see if it makes a difference to your premium. It’s important that the job title really does apply to you, as it would invalidate your insurance if you claim to do something that you don’t do.
8) Don’t forget to mention if you’ve pimped up your ride
Tempted to add a spoiler or new alloys? Modifications to your vehicle, even if they are purely cosmetic, could impact your premiums. Failure to declare them could invalidate your insurance and prove very costly in the long run.
9) Add other drivers to your policy
Adding other named drivers to your policy could help you get cheap young driver insurance – especially if they have a long, safe record. BUT, remember that it is illegal for parents to claim that they drive the vehicle more than their son or daughter just to secure a cheaper insurance deal. That is called fronting. It invalidates insurance and can lead to prosecution.
10) Compare quotes from as many different insurance companies as you can
It’s vital to shop around for cheap young driver insurance. And it’s worth bearing in mind that the cheapest deal isn’t necessarily the best value deal as there may be high excesses to pay or there could be exemptions in the small print. Comparison websites can be a good place to start looking but remember that they don’t include quotes from every insurance company and it can be confusing to know exactly what cover you’re buying.
Alternatively, use an independent broker like Easy2insure to find the best deal for you. We’re a family-run business with 30 years experience helping young people to secure the right car insurance at the right price. We work with some of the UK’s largest insurance companies and can negotiate discounts that aren’t available on the high street.
For a free quote, call us now on 0800 9179 522.