Young people who want to get behind the wheel of their first car find it extremely expensive. We are not talking about the cost of that first car, which is often a used car, but the insurance cost. New drivers face hefty insurance fees, even if it is only third party cover. To help you keep the cost down we have some tips to help you get cheaper young person car insurance so check them out.
Why is car insurance more costly for younger drivers?
Car insurance is generally pricier for young drivers as they are new on the road and have less experience. Due to this, insurance companies say they tend to be involved in more accidents.
Right or wrong insurance companies believe that younger drivers take more risks than older people do. This applies to driving faster, showing off, and the younger generation is more likely to have a drink and drive or take drugs and drive. This, of course, poses a bigger risk to the insurance provider and this is reflected in the quote for cover.
- Insurance providers report that 25% of accidents involve young people less than 25 years of age.
- On average, a 20-year-old driver pays over £200 more than a person in their 30s.
How to get the best insurance quote
While there is no getting away from the fact that you will pay more for your car insurance if you are under the age of 25 there are some things you might consider to help keep costs down.
1. Third-party insurance may not be the cheapest option
Insurance is offered in third party only, third party fire and theft and fully comprehensive.
Third-party insurance is the least insurance to drive legally on the road. It does not provide any financial gain for you, but it covers other drivers involved in an accident that is deemed your fault. Therefore, you would think it is the cheapest option.
However, you would be wrong. Often insurance companies believe that people who choose third party only are more of a risk than those who have fully comprehensive insurance. Therefore, always check quotes for all levels of cover.
2. Consider the model of the car you purchase
One surprising factor that can boost not only young person car insurance but also the cost of insurance for anyone is the model of vehicle you drive.
Insurance companies put cars into categories. For instance, the performance of the vehicle. The higher the performance of the vehicle the more it costs to insure the car.
As a rule of thumb, the flashier the vehicles, the higher the insurance, as high-performance cars, even second-hand ones, are more of a target to thieves.
Therefore, avoid cars with powerful engines, body kits and such as spoilers.
The safety features of the car usually affect the cost of insurance. The more safety features it has the less the risk, for instance, automatic braking and a car alarm.
3. Don’t leave it to the last moment to buy car insurance
Never leave it until the last minute to purchase car insurance. This may not be applicable when you buy your first car but it should apply when renewing your insurance.
You might be surprised how much you can save if you purchase your insurance well ahead of the start date, say three weeks. Insurers see last-minute buyers as being a higher risk.
4. Choose to pay more in excess
This does not lead to as much in savings as it did some years ago but it is still worth considering when applying for insurance if you are a young driver.
The excess is how much you are willing to pay in the event of a claim. For instance, if you offer to pay £500 in excess and claim on your insurance, you have to stand to that amount before the insurance company pays out.
Some insurance companies will reduce the premium if you offer to pay upwards of £1,000. The downside is that this sum has to come out of your own pocket in the event you claim on your insurance.
To summarise
There is no avoiding the fact that if you are under the age of 25 you are going to have to pay more for insurance for your car than older people do.
However, by following the above tips and advice you should be able to get the best possible quote based on your age and the vehicle you drive.
Younger people don’t want a car that looks as though it belongs to their granny but the truth is less flashy cars with lower performance are cheaper for a younger person to insure. Some of the best cheapest vehicles for under 25s that are not too flashy, but which do come with relatively good looks, include the Kia Picanto, SEAT Ibiza and the Ford Fiesta.
Older and used cars are also generally cheaper to insure than brand new ones. Therefore, put your pride to one side and instead of going into debt to get a new Subaru or Audi, you might want to go for a good used SEAT Ibiza or Kia.
Finally, get a quote for your young person car insurance from us and get the best deals possible.
Statistics
https://www.statista.com/statistics/751199/average-car-insurance-cost-by-age/
