Finding Cheap Car Insurance For Young People
Passing your test and buying your first car is a very exciting time, a real milestone in becoming a young adult. Sadly the elation doesn’t last long as it sinks in just how expensive motoring can be, particularly for a teenager, but in reality for all new drivers. The issue is that young people, however good their driving may be individually, are statistically more likely to drive faster, take more risks on the road, and as a result more likely to be involved in accidents.
A large part of this is due to the fact that a young person don’t develop a full sense of their mortality – and an accompanying fear of death – until they have reached the age of 25. As the saying goes, when you are young you think you’ll live forever!
All New Drivers Get Higher Prices
Of course it’s not just the young who suffer from the statisticians at the insurers – anybody who has been driving less than a couple of years will see dramatically higher premiums, on the not unreasonable premise that inexperienced drivers are more likely to make mistakes on the road. As a result, even if you are in your thirties much of the advice on this page will apply to anybody who has just passed their tests, not just the young ones.
Potential price rises
|Drivers Age||Price Increase|
|17 Years Old||3x|
|18 Years Old||2.8x|
|19 Years Old||2.7x|
|20 Years Old||2.5x|
|21 Years Old||2.25x|
Top Tips for Cheaper Cover
If you are in either of these categories – whether a 17 or 21 year old with your age against you, or an elder but perhaps less experienced driver in your late twenties – your choice of car could be the most significant factor in the price of your cover.
It’s not just the price of a car that leads to many new drivers starting in a hatchback, but the engine size – changing from a 1 litre to a 2 litre engine can double or even triple your annual premium. Looking for an underpowered car can save you significant amounts on your insurance – not to mention generally lower fuel costs as these cars are often lighter and more efficient than larger engine cars.
The excess you are prepared to pay is a major factor too – increasing the voluntary excess to £300 - £500 can make a big difference in the amount you pay for your cover. Any higher than this and you are unlikely to save any more.
Of course other factors can make some difference to the cost – such as security features, where you park your car and (though much harder to change) where you live. However at some point you will find you hit a wall, and realise that the vast majority of cost is down to something you can’t change – your age.
Perhaps given all these options – and the time it takes to get a quote from multiple insurers – the most important advice we can give is to use a simple comparison system such as ours, which makes it easy to tweak things like the excess you pay and the model of car you are thinking of driving without entering all your details all over again, while giving you quotes from a huge range of insurers and brokers to ensure you find the best deal.
Crafty Student Discounts?
Sadly, there aren’t any specific student discounts available on the market, and most students will find the same problems as the rest of their generation. However they do have one advantage in their pocket – student loan payments. Most insurers charge an extra £100 - £200 for the privilege of paying monthly for their car insurance, while unlike most young people students generally receive a student loan payment 3 times a year. If you can time your renewal to coincide with a loan payment, paying your full premium in advance can save you a pretty penny over a monthly direct debit.