Money supermarket car insurance young drivers
Young drivers in the UK regularly find that after paying for expensive driving lessons and tests, they are often unable to get competitive quotes for their car insurance. This is because statistically, new and young motorists are much more likely to be involved in an accident, so insurers cover this additional risk with higher premiums:
Insurers base their premiums on lots of different factors, and understanding them could help you get cheaper quotes:
- The car you’re insuring – Its age, engine size, value and average repair cost all contribute to a car's recommended insurance group. These groups contribute towards premiums, with lower groups generally meaning cheaper quotes. You’ll find more information in our guide to car insurance groups.
- Information about you - Your age, where you live, how long you’ve been driving, whether you have any driving convictions, No. of years no-claims bonus you have, and No. of claims you've made are just some of the factors insurers will take into account. You’ll find more in our guide to how premiums are calculated.
- The type of cover you’re looking for - Whether that’s comprehensive, third-party, or third-party fire and theft, the level of cover you choose will influence price. Comprehensive cover is not always the most expensive, so check all the options before you buy.
- The level of excess you’re looking for - Your excess is the amount you agree to pay in the event of a claim, before your insurer begins picking up any costs. It’s important to remember that you should only agree on an excess that you could afford to pay after an accident.
These factors will apply to drivers of all ages, but because this information alone isn’t enough to base a quote on, insurers also have to use statistical data from all of its customers to determine the level of risk.
Industry statistics show higher accident levels amongst teenage and young drivers (under 25s), which therefore mean they’re generally a higher risk to insure.
It’s understood that younger drivers are involved in more accidents as behind the wheel; they’re more likely to take risks and with less driving experience, are less likely to spot potential hazards.
The road safety charity Brake has compiled some hard facts about young drivers that include:
- One in four 18-24 year olds (23%) crash within two years of passing their driving test.
- Drivers aged 16-19 are more than twice as likely to die in a road crash than drivers aged 40-49.
Can I save money with a joint policy?
The term ‘joint policy’ is actually a bit misleading. Young drivers can sometimes save a bit of money by adding a more experienced driver to their policy (as long as they plan on using the car). The main driver must still be the person who does most of the driving though.
Is a higher voluntary excess better?
As a young driver you’ll know you typically face higher premiums. Choosing a larger voluntary excess is one way a young driver can get cheaper car insurance. Just make sure you can afford the excess if you need to make a claim as you will need to pay the voluntary excess you choose, as well as the compulsory excess set by the provider.
Are black box policies good?
One way for young drivers to save is to get a telematics or ‘black box’ policy. These come with a little device that monitors your driving habits. Safe driver? You could see savings.
How does my name and job affect my quote?
If you’ve just passed your test, you’ll be keen to get on the road. But accuracy matters even when shopping around, so don’t rush things. Using incorrect or inaccurate information when getting a quote will fetch you an invalid quote.