Driving is notoriously expensive for young people in the UK, but that doesn’t mean costs need to spiral out of control.
A major contributor to the cost of driving is car insurance – it already costs an average of £1,300 to insure a vehicle for a person under the age of 23 and this figure is rising with each passing year.
There are numerous reasons why younger drivers are expected to pay more for insurance and ultimately, it comes down to the risk factors involved. However, there are a few tricks that can help you to save money, a handful of which are detailed below.
If you need to claim, you’ll need to pay part of the costs yourself, known as an excess fee. It’s common to set the excess low, but by setting it higher you could reduce the overall cost of your premium.
You could also set the excess higher and then protect yourself using private motor excess insurance, which covers the excess you would need to pay.
Remember that you’d still need to pay the excess in the event of a claim though, so don’t set it so high that you wouldn’t be able to cover the costs.
Do your maths to ensure that the cost of the extra cover remains less than what you would have paid had you not reset your excess in the first place.
Before you purchase any insurance option, make sure you’ve compared the quotes you get with other options on the market. This way, you’ll be able to find the right cover for you, but bear in mind that comparison sites may not include all available options.
Even if you’re a young driver looking for insurance, you can still make yourself more attractive to insure by taking certain steps.
The type of car you purchase in the beginning, its engine size and value will all influence the cost of insurance, as do modifications and where you park it.
For instance, securing a vehicle in a garage rather than parking it on the road will likely see your premium decrease as the likelihood of potential theft and accidental damage decreases too.
Opting for a vehicle in a lower insurance group will also help you save, as does reducing the number of miles you drive annually – if you are on the road less, your risk level is reduced.
For further details on the benefits of protecting your excess, visit our private motor excess insurance for young drivers page. You can also obtain a quick quote online.
Date Created: 20/02/2019