The biggest discussion around young driver’s car insurance, is undeniably the price. When it comes to purchasing young driver’s insurance, a lot of drivers become perplexed about the expense of it. We think it’s important to lay out why young drivers insurance is so expensive before we delve into the measures you can take to reduce it.
Essentially, risk is the main factor that increases premiums for young drivers. Young drivers unfortunately tend to have more accidents than older drivers. This is predominantly because older drivers have more experience on the road. Over the years older drivers have learned how to navigate the roads, weather, and tricky driving situations. This means they are less likely statistically to have a collision.
The average annual car insurance policy costs 24.5% more in your 20’s than in your 30’s and under 50% more than in your 40’s. However, in Ireland, once you reach the age 25, insurance prices typically begin to reduce.
While it might seem dejecting that young driver insurance continues to cost a hefty fee there are several steps which you can take to reduce the cost.
We have spoken about measures before that help young drivers to secure cheaper premiums, here’s a recap with some additional bonus tips.
1.Add a named driver to your policy.
If you have ruled out being added as a named driver to your parent’s policy, then you could consider adding them as a named driver to yours. Adding a lower risk driver to your policy can bring the average risk score down. If you’re thinking about adding a named driver, irrespective of whether it is a parent or not, then have a think about their age and their driving history. If they haven’t had many bumps on the road so to speak, this will positively affect the price you have to pay for your premium.
Remember to be always up front about who the main driver of the car is. When you lead brokers astray regarding who the primary driver of the car is, this is called fronting. Fronting is illegal and it could result in you receiving zero compensation if you have an accident.
2.Use a broker.
When it comes to young driver’s insurance, then a broker is your best friend. Brokers are familiar with a huge range of insurance providers and thus they know who provides the best deals. It can be daunting looking for insurance as a young driver, especially if your knowledge is minimal. Brokers can speak you through the entire process, they’ll give you a no-nonsense insight, into the realistic price that you will be expected to pay. This will allow you to avoid hidden costs and will give you a greater insight into your policy overall.
3.Choose your car wisely.
We cannot stress this enough, think about your car insurance before you purchase a car. One of the best steps a young driver can take when on the hunt for both young driver’s insurance and a new car, is to ring your broker first. If you are considering a certain make and model of car, then you should ring your broker and suggest it first, they will be able to give you an estimated figure for insurance based on that information. If you consider the price to be too high, then you can simply widen your search for a more affordable vehicle.
While on the topic of cars, there are a couple of factors that will impact your premium. Avoid cars that are older than 15 years. Cars that are older than 15 years tend to be less trustworthy on the road. Because they are more likely to suffer a fault, they are more expensive to insure. A young driver’s car does not have to be new; it just should be within the 10-year-old or less mark.
Avoid a car with significant power. Cars that have large engines and possess considerable horsepower, are more expensive to insure. Coupled with a young driver’s inexperience on the road, these types of cars are a sure contributor to high premiums. Avoid 2.0 litre engines and stick to 1.0 litres.
4.Think about a telematics policy.
If you haven’t heard about the little black box, then we’re here to give you some information about it. A black box or a ‘telematics box’ is a little device that is fitted into a driver’s car. This box regularly records data and takes stock of how cautious you are with the rules of the road. For example, if you are regularly recorded to be maintaining the speed limit, this will be recorded and sent back to the insurance provider. This data could subsequently see a reduction in your premium. However, the opposite can also happen when you use a telematics policy, so it’s vital to be vigilant on the road.
5.Have a car alarm fitted.
Sometimes when we think about young driver’s insurance, we get very caught up in the nitty gritty. A simple step that a young driver can also take to help impact an insurance premium, is to have a car alarm fitted. Cars that have increased security measures are less likely to get stolen and thus the risk is reduced.
6.Consider an advanced driving course.
An advanced driving course also commonly known as a defensive driving course, is another great way to achieve a reduction on your premium. These courses teach you how to handle tricky situations on the road and they go beyond the information that you would receive in your regular 12 lessons.
These courses produce safer drivers and hence they are a great benefit when it comes to sourcing more reasonable insurance.
At www.coverinaclick.ie we value young drivers; we want to ensure that first time drivers get on the road as quicky and as easily as possible. We have a lot of experience in helping all road users secure cheaper premiums, so reach out!