Car insurance for new drivers can be a financial shock. On average, annual premiums for young drivers aged 17-20 hover around £1,800. Even those aged 21-25 pay over £1,000. Why is car insurance so expensive for this group, and what can you do to lower the cost? In this guide, we’ll explore everything you need to know about car insurance for new drivers.
Why is insurance for new drivers so expensive?
Car insurance for new and young drivers is costly because they’re considered high-risk. Statistics show they are more likely to be in accidents due to inexperience or poor driving behavior like overconfidence, using mobile phones, or even drink/drug use. Insurance premiums are calculated based on risk, and these statistics drive up the costs.
Ways to lower your premiums
Consider black box insurance
Black box or telematics insurance monitors your driving behavior and adjusts premiums accordingly. Safe driving can lead to significant savings.
Look at smaller, less powerful cars
Choosing an affordable, safe, and less powerful car can lower insurance costs.
Add a named driver
Including an experienced driver can reduce premiums, as it suggests shared usage.
Increase your excess
Raising your excess amount can reduce premiums and show insurers your commitment to safe driving.
Use a comparison site
Compare quotes from multiple insurers to find the best deal for your needs.
Store your car somewhere safe
Safe parking, like a garage or driveway, can lower premiums. Urban or high-crime areas may result in higher costs.
Drive fewer miles
Lower annual mileage reduces the likelihood of accidents, leading to lower premiums.
If you can, pay upfront
Paying for your insurance annually is often cheaper than monthly installments.
Will a driving course lower my premiums?
Advanced driving courses can make you a safer driver and may lead to premium reductions, but results vary by insurer.
How long will it take before my insurance price drops?
While there’s no magic number, premiums generally decrease after the first three years of driving. A no-claims bonus (NCB) can accelerate these reductions.
What’s a no-claims bonus?
A NCB is earned by driving without claims. It can significantly reduce premiums and is worth protecting.
Car insurance for new drivers may be costly, but by following these tips and understanding the factors that affect premiums, you can find ways to lower costs. Keep driving safely, build your NCB, and over time, you’ll see those insurance prices drop.
For more personalized insurance solutions and assistance, reach out to GO N Drive, your trusted insurance broker.
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