THERE’S no getting around the fact that driving isn’t cheap, and young drivers face some of the highest costs of all. If you’ve just passed your test, or you’re close to getting your licence, one of the issues you’ll need to think about is insurance. If you’re not careful, you could end up shelling out a small fortune for this financial cover. The fact is, statistically, young drivers represent a greater risk on the roads and insurers reflect this in the premiums they charge. However, if you’re savvy, there are ways to save money – and this guide will show you how.
Scour the market
OK, so you might think you’ve got better things to do with your time than trawl the market comparing insurance quotes. However, if you simply go for the first deal you see, the chances are you’ll end up paying more than you need to. Also, as long as you’re savvy in your search, it needn’t take you long at all. By enlisting the help of brokers like Chill car insurance, you can access the most competitive offers in a matter of moments.
You might be surprised by how much money you can save by seeking out the best deal.
Think carefully about your choice of car
Even if you have a soft spot for suped-up motors, it pays off to get a car with a small engine. Such vehicles are generally classified as lower risk. While this might not satisfy your need for speed, it could save you big bucks.
Take security seriously
Also, make sure your car is fitted with a suitable security device, such as an alarm or immobiliser. Meanwhile, if you have the option, park your car in a driveway or, even better, a garage. This will further lower your risk level and may reduce your premiums.
Add a named driver
Another top tip is to add a named driver to your policy. If you include an older and more experienced motorist, your cover provider might reduce your bill.
However, never be tempted to take this a stage further and arrange for the policy to be held in a parent’s or another older adult’s name if they are not the main driver. This practice is called ‘fronting’ and it’s illegal. If your insurer finds out you’re doing this, they may refuse to pay out on any claim and they could even take legal action against you for fraud. It really isn’t worth the risk.
Consider a black box
A rising number of young motorists are installing black boxes in their vehicles to reduce their insurance costs. These pieces of kit contain a GPS, which transmits information to insurers concerning things like average driving speeds, the times of day cars are used and how many miles are covered. Using this detailed data, companies can build up a much more accurate picture of the level of risk that individual drivers pose. Depending on your habits behind the wheel, this could be an effective way to cut your spending.
Car insurance will always put a dent in young drivers’ finances. However, by following advice like this, you stand to make potentially significant savings