If you’re a young driver and you’ve only recently passed your test, you’ll be all too aware of how expensive it can be to insure a car to drive. This is because insurers see young drivers as being more likely to take risks and therefore more likely to have an accident – so you pay more in insurance premiums.
However, this doesn’t mean you have to just resign yourself to high car insurance payments every month – there are a few ways you can cut the costs and save on what you’re paying.
Pick the right car
The model of car you’re driving can make a huge difference to the cost of your insurance. This might not help if you’ve already got a car or if you’ve been given one for passing your test but if you’ve not gone out and bought your vehicle yet, it’s worth taking a look at what insurance ‘group’ specific models fall into.
All cars are given an insurance group from 1 to 50 – the higher your vehicle’s group number, the more expensive it usually is to insure. The higher groups are generally reserved for high performance vehicles that would be expensive to replace if you had an accident – so it’s best to park that Ferrari and go for something like a basic Ford Fiesta instead.
Engine size can have an effect on insurance premiums as well – opt for a vehicle with an engine under 1.2-litres if you want to be more likely to save.
Where you leave your car at night can also have an impact on how much you pay for insurance. It’s considered safer to keep your car in a garage or on a drive than it is to leave it on the road, so if you’ve got the option to do this, you should. Don’t tell your insurer that your car is kept in a garage if it’s not to try and save money though – this is fraud and if you have to make an insurance claim, it’s likely it will be found invalid.
It also might be worth adding an alarm or at least a steering lock to your car to make it safer.
Telematics or black box insurance is where a device is installed in your car so the insurer can monitor how safely you drive. It checks for things like not braking too hard, driving for too long or driving at night.
You could save with telematics if you don’t drive your car very often however if you commute or drive a lot every day, it’s likely that the black box will bring your insurance premiums down.
Not all insurance companies are the same, so don’t assume they will all quote you the same price. They might not even quote you similar prices as some companies will be less willing to take on young drivers so it really does pay to shop around. Check out the range of deals available from a price comparison site like uSwitch.com to see what’s available for you.
You could also try adjusting the excess to save on your premiums – the amount you’ll have to pay out if you make a claim. Be sure not to set this too high though, as you’ll personally have to pay it if you have a crash so if your excess is higher than the value of your car, it won’t ever be worth claiming.
By adding a second older driver to your insurance policy, this could help to bring your premiums down. This is because they bring down the average level of ‘risk’ for the vehicle so insurers are likely to quote you a lower price. You’re not allowed to claim that the older driver is the main driver when it’s really your car – this is known as fronting and it’s classed as fraud.