Young Drivers Limiting Value Options by Going Direct for Motor Insurance
The difference between having access to a variety of providers - and going to just one - can be over €2,000
Limited competition in the first-time drivers market and a mistaken belief that going direct to an insurer is the best value, is costing young drivers thousands on an annual basis and may be precluding some from even getting on the road. Coverinaclick.ie's latest survery has found that young drivers are vulnerable when it comes to motor insurance as a lack of knowledge, experience and a limited budget are all combining to make insurance a very expensive business for them. The car insurance experts have highlighted the huge variations in the quotes given by direct insurers or brands with limited insurers and those accessed by a broker for young drivers – in 3 out of the 4 sample cases the broker was able to offer the cheapest premium, while the difference in quotes surpassed the €2000 mark in one instance.
Jonathan Hehir, Managing Director of Coverinaclick.ie explained,
“Cars, clothes, electrical appliances – no matter what you’re shopping for - people don’t usually just look at one manufacturer or one retailer when they are making a purchase that’s going to cost them a few hundred Euro. So, it doesn’t make sense when it comes to car insurance for young drivers not to look around the market to see what’s on offer either. By going direct to only one insurer you are limiting the number of options open to you, and therefore your chances of getting the best value around.”
Our figures capture this reality in a snapshot:
Mr. Hehir went on to say,
“Young drivers are in an unenviable position in that they are usually quoted the highest premiums but generally have much less disposable income than their older motoring peers. What’s more, in order to get these premiums down they need experience on the road - for which they need insurance. It’s an age-old catch 22!
So, in light of this, younger drivers arguably have the most work to do to in finding the best value premiums - many will simply not be able to get on the road if they can’t afford it.”
Coverinaclick.ie says that while shopping around is paramount, there are several other steps young drivers should take to pro-actively reduce their motor insurance premiums.
- Complete all required driving lessons
- Obtain their full licence
- Get some named driver experience – perhaps on a parent’s policy
Mr. Hehir concluded;
“A driver with a full no-claims bonus could have 15 plus insurers looking to quote for their business, whereas a first-time driver might only have 5 insurers looking to quote. While going direct for a motor insurance policy is favoured by some, it’s often not advised for less experienced drivers as the number of insurers wanting to insure this group is greatly reduced, so it’s important that they get experts to scour the market for the best deal.”
Let Coverinaclick.ie do the hard work so you don't have to - Call us today on 01 231 9310 and we'll do everything we can to get you the best price available.
Alternatively, fill in our online quote form and one of our Car Insurance Specialist will call you back.
