Young Drivers' Car Insurance
Passing a driving test and getting a first car are big milestones in a young driver’s life as they signal the arrival of a new kind of independence. But sky high insurance premiums can be a major obstacle when it comes to actually getting on the road.
At Tiger.co.uk we know that finding cheap motor insurance for young drivers can be a struggle, as young motorists have been experiencing significant increases in insurance premiums.
With the price of car insurance steadily rising, the financial strain placed upon young drivers to get insurance for their vehicles is becoming more of a burden than it has been in past years. Young drivers' insurance is usually considerably more expensive than insurance for other driver groups and the reasons for this are explained below.
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Why is Young Driver Insurance So Expensive?
As with all car insurance, in order to calculate premiums insurance providers need to evaluate the likelihood that a driver will make a claim. The greater the risk, the higher the premium. Younger drivers generally present a bigger risk to insurance providers as, statistically, they are more likely to be involved in accidents. Consider this statistical information from the Driving Standards Agency:
- One in five drivers has an accident within their first year of driving
- Male drivers under the age of 21 are ten times more likely to be involved in a car accident than male drivers who are over 35 years old
- One in three male drivers aged 17 to 20 have an accident within the first two years of passing their test
- An 18 year old driver is more than three times as likely to be involved in a crash as a 48 year old
All of this has an implication on the cost of car insurance for younger drivers. Put simply, insurance providers pay out more on policies that are held by younger drivers and, therefore, they charge this group of drivers more for their car insurance.
However, Tiger.co.uk is here to help. We have a large list of insurers on our panel, many of which specialise in young drivers' insurance.
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What Can Be Done To Make My Insurance Cheaper?
For many young drivers a great way of getting cheaper car insurance is to consider telematics-based insurance. Telematics insurance (sometimes known as “black box insurance” or “pay as you drive insurance”) requires a small device that is about the size of a mobile phone to be installed behind a cars dashboard. This will record a range of driving information such as what time of day the vehicle is driven, how fast it is driven, how quickly the driver accelerates and decelerates and the distance driven. Premiums are often set based on risk factors that include specific criteria, such as not driving at night or limited mileage and when it comes to renewal, premiums may be adjusted depending on the safety of the policyholder's driving.
One of the most important factors for the price of car insurance for all motorists, not just young drivers, is the type of insurance cover chosen. Many young drivers opt for one of the lowest levels of cover, Third Party, Fire & Theft, often assuming that this will be the cheapest.
Third Party Fire & Theft provides cover for fire and theft claims but only covers damage to third party vehicles and property and does not cover any damage to the owner's vehicle in the event of an accident. Fully Comprehensive insurance, on the other hand, protects the owner's car and property as well as that of the third party.
However it may be useful to know that Third Party, Fire & Theft cover is not always cheaper than Fully Comprehensive cover and it is always worth comparing the prices of each - look at all insurance policy types available before making a decision.
There are many things young drivers can do to make their insurance cheaper. A few of them are listed here. More ways to save can be found in our Young Drivers Insurance Guide:
- Add an older driver to the policy. If you own the car you must be the principal driver on the insurance policy but putting older siblings, parents or grandparents on the policy as a second driver could help to obtain cheap car insurance for young drivers. Do not be tempted, however, to name an older driver as the main driver if this is not the case. This is an illegal activity known as “fronting”.
- Start off with a smaller car. Having a small car will make it easier to find cheap motor insurance for young drivers. Not surprisingly, insurers are not keen on young or inexperienced motorists driving cars with large, powerful engines.
- Avoid modifying the car or buying a car with modifications. Even something as small as buying a new stereo can count as a modification and insurers will often charge higher premiums for modified cars.
- Fit extra security devices. Approved immobilisers and trackers added to cars can help young drivers to reduce the cost of car insurance.
- Post-test qualifications. Consider the post-test driving course known as Pass Plus. Taking this can sometimes help bring down the cost of motor insurance.
- Shop around! Car insurance pricing for young drivers varies from insurer to insurer. Tiger.co.uk provides drivers with a great way of doing this via our easy to use price comparison site, providing access to over 90 insurance brands.
We hope that with our advice, young drivers will be better placed to find the right level of car insurance at an affordable price. To get a young driver car insurance quote, simply click the "Get A Quote Today" button below.
Get a quote today!