If you’ve just passed your driving test or are about to hit the road as a newly minted driver, car insurance premiums probably feel like a punch to the wallet.
But don’t worry – with a few smart moves, you can bring down the cost without sacrificing too much in terms of cover. Let’s dive into how you can save on young driver insurance. Seatbelt on!
Shop around and compare quotes
The most obvious tip might also be the most effective: comparison. Insurance providers charge differently for the same types of policies, and their prices can vary significantly depending on a range of factors.
Using comparison websites is an easy way to quickly spot the best deals. Don’t just settle for the first quote you receive – even a small difference in price can add up over time. One insurer might offer a policy for £900, while another could provide a nearly identical one for £650. That’s a decent saving!
It’s also a good idea to check insurers’ websites directly, as some offer discounts for signing up directly rather than via a comparison site. The more options you explore, the better your chances of finding cheaper insurance.
Choose a car wisely
The car you drive has a huge impact on your premiums. Insurers tend to charge more for more powerful, faster cars because they’re seen as higher risk, both in terms of accidents and repair costs. Opting for a smaller, more modest car can make a noticeable difference in your premiums.
The important thing here? Look at the insurance group of the car you’re considering. Each vehicle is placed in one, with the higher numbers usually corresponding to higher premiums. You can easily find this information online, and it’s worth checking before you make a decision.
Increase your excess
One effective way to lower your insurance premium is by increasing your voluntary excess – the amount you pay out of pocket in the event of a claim.
The higher the excess you choose, the lower your premium will likely be. However, you need to make sure that the excess is an amount you can afford to pay if something goes wrong. Raising your excess could save you money annually, but make sure you’re comfortable with that risk.
Add a more experienced driver to your policy
If you’ve got a parent with a clean driving record, adding them as a named driver may lower your premium. Insurers see experienced drivers as less of a risk, so their involvement might make the policy cheaper.
But keep in mind that making someone else the main driver on a policy when it’s actually you is a tactic known as “fronting”, and it’s illegal. It can also invalidate your policy, so don’t take the risk.
Drive safely and build up no-claims bonuses
Finally, one of the most effective long-term ways to reduce your insurance premiums is simply by being a safe driver. With each claim-free year, you’ll build up a no-claims bonus, which can eventually cut your premiums by a nice amount.
The longer you go without an accident, the less risky you’ll appear to insurers, and the cheaper your premiums should be. Patience is tough sometimes, but it pays off in the long run.
