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YOUNG DRIVER INSURANCE TIPS
As a young driver statistically you are far more likely to have an accident than a more experienced driver, it is reported that 1 in 4 drivers that are killed in road accident are under 25.
Unfortunately due to these facts, insurance companies tend to make their insurance premiums more expensive for young drivers.
Below are a few tips that will assist you to reduce your premiums.
1. Choice of car is important
Consider buying a cheaper car, older cars have lower replacement costs. Smaller cars generally have smaller engines which are considered lower risk and therefore lower annual premiums accordingly.
2. Use a familiar Insurance company.
Consider using the same insurance company as your parents, some insurance companies reduce premiums by insuring a second car at the same address.
3. Type of cover is important.
If you buy a cheaper car, consider only insuring it Third Party, Fire and Theft, this will mean lower premiums, but remember, if you have an accident your car won't be covered, for more details on Third party, Fire and theft, click on the 'Types of cover' above.
4. Additional driver.
Adding another person to your policy, eg a parent can reduce the annual premium.
5. Increasing your excess.
Increase your voluntary excess, this can reduce you annual premium by as much as 25-30%. Be sensible though, remember you will have to pay the excess in the case of a claim, so don't over do it.
6. Restrictions in the policy.
Consider policies with restrictions, some policies do not cover drivers between 11pm and 6am, a high percentage of accidents involving young drivers are between these hours, some companies over good deals here.
7. No claims bonus.
As a young driver attempting to build up your no claims bonus as soon as possible will quickly reduce your annual premiums. Prior to getting your own insurance, consider being added to a parents insurance policy, there are some companies, Direct Line, that still allow named drivers to receive no claims as a named driver.
8. Car security.
Car security is important, car alarms, immobilisers are expensive, but will reduce your premium.
9. Car modifications.
Insurance companies will generally increase insurance premiums if your care is modified.
