For many people, driving is a rite of passage. However, insurance for young drivers can be extremely high, putting actually driving out of reach.
With average costs of car insurance for people in their twenties being over £1,036pa, it’s no wonder many drivers are looking to cut costs!
Thankfully, there are some ways to reduce expensive premiums and help you get on the road.
Get the right cover
Car insurance comes in three variations: third party, fire and theft, and fully comprehensive. Although third party sounds cheapest, you might find a fully comprehensive policy can actually save up to £1,500 compared to third party.
The logic is that insurers consider third party only drivers as higher risk, so increase premiums accordingly.
https://www.quotemetoday.co.uk/motor-trade-insurance/ recommends paying for the cover you need and nothing more.
Add a second driver
Adding a second ‘occasional’ driver can bring down the cost of premiums if you choose the right person. Adding an older family member can cut premiums by £1,000. That said, it’s not always best to add an older family member as it’s more about risk, so someone with a good driving history is who you want.
Some things to bear in mind when adding another driver:
This person should be a ‘secondary’ or ‘occasional’ driver, and they must be someone who would reasonably drive your car. Adding a ‘main’ driver who isn’t is fraud and you could face a criminal conviction, plus invalidated insurance.
Premiums are calculated by your insurer, level of cover and risk. Taking steps to demonstrate you’re a good driver can lower your premium.
Installing security devices or black boxes, ensuring your car is parked safely or taking additional driving lessons can assist in showing you’re low risk.
Beware of modifications
Modifications to your car (unless for safety) might seem like a good idea but could cost. If you do make changes, ensure you notify your insurer so you don’t invalidate your policy.
Don’t auto renew
Many car and motor trade insurance providers offer automatic renewals. Avoiding these can save you cash as often a new policy will be cheaper.
It’s also worth shopping around for quotes as your current insurer might be happy to match or beat these.