Calling All Young People!
For a new driver aged 17-24, the thrill of passing the test is tempered by the despair of finding someone to insure you for a price less than the actual cost of your car!
According to What Car? Magazine, the average cost of insurance for a new driver is £3000. and that is, my young friends, the price that you have to pay for those not as careful as you.
But help is at hand, with What Car? Leading the way under the editorship of John McIlroy: “We want more insurance companies to recognise the benefits of additional young driver training, and reward those who take it with a lower premium. A full 74% of young motorists say they would take extra tuition if it saved them money on their insurance. It will without doubt make the roads much safer for all road users because, above all, it’s experience that makes us all better drivers.”
So how do they suggest cutting insurance premiums? Here’s their Top 10 ideas – in no particular order!
- Increase your excess; average saving - £277. A £400 excess increase can bring down your premium by almost the same amount, and looking at it from the insurance company’s viewpoint, does it not show confidence in your own driving?
- Stay with a lower trim; average saving - £432. As an example, if a 17-year-old driver upgrades from a Studio to an Edge trim on his Fiesta, his costs could jump by around £400. Be happy with what you have – it’s better to be wealthy than cool. HONEST!
- Do some research on the cover; average saving £53 (third party only.) Third party or third party, fire and theft cover is usually cheaper than comprehensive insurance, but the saving on average is not that large – so think about it.
- Add a parent to the insurance; average saving £1,005. Yes, I know that you’ve got a car to get more freedom from them, but persuading a parent to be on your policy can get costs down considerably. And it helps if the parents are in a responsible job. One young driver reduced his premium by more than £1100 just by adding his 52-year-old accountant mother to his policy.
- Think about extra training; (average saving £456.) Not all insurance firms will offer a discount if you are studying (or have studied) with driver trainers such a Pass Plus. It’s a 6-hour course that could save you a lot of money – and teach you a lot. But I’d check with the insurer before committing.
- No claims discounts; average saving £253. Many insurance companies will now let you build up a no-claims discount on someone else’s vehicle, so try to convince a parent to let you use their car.
- Forget the modifications; average saving £305. Alloy wheels and a full bodykit look good, but insurers see it as a honeypot waiting to be eaten, and insist on high premiums. So save your money and get a nice air freshener instead.
- Stick to a curfew; average saving £492. Admittedly I am not personally too sure about this, but there are insurance companies out there that will reduce premiums if you promise not to travel outside of the hours of 6am and 11pm. I don’t think that they mean sleep out a lot.
- Don’t go for a large engine; average saving £265. Even a step up from a basic 1.25-litre Fiesta to a 1.4 can bump up insurance premiums by more than £250.
- Shop Around; Start your search on comparison websites, and then ask companies directly if they can beat the lowest prices you find.
And don’t forget the black box technology. What Car? did.