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Insurance for young drivers can be challenging to find at a reasonable price. Many insurance companies view younger drivers as a higher risk, which means that most new drivers will find themselves paying out more in monthly insurance costs than they can afford. Under 25s pay out the most on car insurance, but there are ways to save some money on your car insurance.
- Shop around to compare the best deals. Use an insurance comparison site to find the best deal that you can. Make sure you also check all kinds of insurance, and don’t assume that you can’t find suitable, affordable full coverage insurance because you’re young and a newer driver. Another helpful contact to have is trustworthy car accident attorneys, just if you are in an accident.
- Add a responsible second driver. While having you on their insurance will drive your parent’s insurance premiums up, adding them onto your insurance could decrease your costs. Adding an experienced adult driver that the insurance company sees as trustworthy to your insurance as an occasional driver brings down your average risk of having an accident, and therefore the insurance costs. Choose the person with the best driving record who will agree to be added and occasionally drive your car. Remember, though, adding someone as the main driver who isn’t the car’s main driver is insurance fraud and could get you into serious trouble.
- Choose a sensible car. The model of car, particularly models that are popular with young drivers, can drive up your premiums. Insurers worry about drivers choosing cars to show off in, so select a sensible vehicle, not the coolest one you can afford for your budget, and check how much it will cost to insure it before buying anything.
- Think security. Make sure your car has a decent alarm fitted, and be sure you’re always parking the car somewhere safe. At home, try to park in a garage or on the drive rather than on the street. Secure parking lowers your insurance cost as the car is harder to steal.
- Avoid modifying your car. Many young drivers like to add all kinds of modifications to their vehicles, but these kinds of changes can end up invalidating your insurance. If you make any changes or have bought a car that has already been modified, tell your insurance company. If you don’t, they may refuse to pay out if you need to make a claim.
- If you’re unemployed, you could see a massive hike in your insurance costs. However, if you’re not actively looking for work or receiving any benefits for job seekers, you could class yourself as a homemaker or housewife/husband. This could mean that you could find that your insurance doesn’t climb up as high as it would as if you were just out of work.
- Always be completely honest with your insurance company and always keep your insurance up to date. If you’re caught lying on your insurance, your coverage will be invalid, and you could get into much trouble. If you need to make a claim, your insurer will refuse to pay if they find out you laid. If your circumstances change in any way, such as you have a new address or job, make sure you update your insurance as soon as possible, so your insurance continues to cover you.
- Don’t auto-renew. Letting your insurance auto-renew means that your provider can drive up the costs without you noticing and without offering you any deals they offer to new customers. Each time your insurance is due to expire, shop around for the best deal again and use any reasonable prices that you find as a bargaining chip with your current provider to get a better price for your renewed insurance.
- Consider multi-car cover. Are you still living at home? Encourage your parents to look into a multi-car policy to cover all the cars that are owned by the household. There can be some significant savings in insuring this way.
- Consider specialist policies for young drivers. Some insurers offer services that better suit new drivers. If you’re a responsible driver, look into a policy that rewards you for that, such as one that fits a black box in your car to track your driving behaviour. Only do this if you’re sure you’re good enough to get the rewards and not end up paying more.
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