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Insurance
We know it’s difficult to find cheap car insurance. This is due to statistics stating young drivers are more likely to be involved in an accident than older drivers and this means their insurance premiums will cost more. When young drivers buy car insurance there are several things to consider:
Why do young drivers pay more for their car insurance?
Car insurance premiums are calculated depending on the likelihood of the driver being involved in an accident and the cost of the claim if that happened. Unfortunately young drivers are statistically more likely to be involved in an accident than someone over the age of 25. As well as the increased likelihood of having an accident, young drivers will pay more for their car insurance as they haven't had the chance to build up a no claims bonus.
How can young drivers keep the cost of car insurance down?
Fast, expensive cars cost more to insure. When you buy your first car, consider buying a smaller model with no modifications to help bring down insurance costs. Consider taking the Pass Plus test - this is an advanced driving course and some insurers will give you a discount if you complete it. Most importantly, drive safely. If you have an accident or get caught speeding your car insurance premiums will go up. If, on the other hand, you don't make any claims you can build up your no claims bonus which will earn you a discount on future car insurance premiums.
What type of car insurance policy is best for young drivers?
Comprehensive cover is the most expensive type of car insurance but will cover both your car and other vehicles if you have an accident. Alternatively, third party, fire and theft insurance will cover the costs incurred by other drivers if you have an accident or the theft of your own car, or damage caused by fire. Third party, fire and theft is cheaper than comprehensive car insurance but bear in mind you'll have to foot the bill for your own repairs. Young drivers who drive their parents' cars could also be on their parents' policy as a "named driver". However they must not be the person who uses the car the most and most named drivers will not be able to build up their own no claims bonus.
If you would like us to help and recommend some insurers that have helped our past customers that please don’t hesitate to contact us and we will be happy to try and find what would be the best policy for you and how to find the best deal.
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