If you are a young driver and you’re struggling to find insurance that you can afford, look no further, below you can find a guide that will help you find insurance that won’t break your bank and will still keep your covered properly in case the worst happens.
Why is car insurance so expensive for young people?
Car insurance is so expensive for young people because insurance companies see insuring young people a higher risk than somebody who has been on the roads and planet for a longer time. The average cost of car insurance for 17-22 year olds is £1,300 a year which can seem extremely unfair when you take into account the financial struggles most people in that age group experience when leaving college and going to university or starting their first job. No need to fret, there are some things you can do to try and cut the costs of your insurance.
Tips for lowering the cost of car insurance for
The most important tip is to make sure you shop around, try comparison sites when looking for you car insurance. Make sure you read the fine print about your policy as you don’t want to see your premium cost going up and up every month.
There are 3 different types of insurance: fully comprehensive, third party fire and theft and third party only. Most young drivers immediately gravitate towards the third party only insurance policies as you would think that the policy with the lowest coverage would cost the least. This is not always the case. Sometimes insurances companies view young drivers who are taking out a third party only policy as taking more risks which means they view you as a risky person, therefore, upping your premium costs. Make sure you receive quotes for all coverage types and choose the policy that is best for you both cost and coverage wise.
Try rewording your job title (legitimately, of course). So for example, if you have put your occupation as secretary try changing it to PA or if you put yourself as an artist try changing it to illustrator. You would be surprised at how big the change in premium costs could be due to such a small change in detail.
If you have a close relative who is a safe driver, try adding them onto your policy as an “occasional driver”. This is another one that may be a bit surprising. Most people would think that adding another driver onto your policy would increase your premium, but for a young person to add an older and safer driver to their policy, insurance companies see this as trustworthy as the safe driver also trusts the young driver. You could save hundreds with this trick!
Give a black box a go. Although it may seem a little bit daunting at first to have a machine tracking every move (and mistake) you make, a black box could save you hundreds on your premium if you are a safe driver. You usually don’t need to pay for the black box to be fitted and you can track your driving online to help you improve on some of the things that could be keeping your premium high.
The last tip is to look for insurance companies that are specific for young people. An example is Marmalade insurance, they offer insurance for young drivers, new drivers and even learner drivers! Bell Insurance is another company that specifically offers young driver insurance, their insurance is black box insurance. If you’re a young female driver try Diamond insurance as they offer cheaper insurance for female drivers who are finding it hard to find a fair price for their car insurance.