For young and experience drivers, your first car insurance policy can be expensive and overwhelming. Subsequently more and more young motorists find themselves struggling to afford a car without the help from the bank of Mum and Dad.
To help,Go Green Leasing have provided a guide which explains why younger and more inexperienced drivers face higher insurance costs and the right steps to take to lower your first insurance policy.
Unfortunately for new drivers, insurance is calculated by the possibility of risk or chances of damage. Unlike experienced drivers, new motorists have yet to prove their capability and safety- therefore, new and newly qualified drivers are simply a bigger risk.
With one in four 18-24 year olds (23%) involved in crashes within two years of passing their driving test, there is the higher probability of a relatively inexperienced driver being involved in an accident.Taking into consideration that newer drivers are much more likely to claim on their insurance, it’s no surprise that the average premium is much higher than experienced drivers. However, it is possible to find the right insurance at a reduced price by following a few simple steps.
Choose the right car
The make and model of a car can make a significant difference to the price of insurance- especially young and inexperienced drivers. While common sense may tell us that buying a modest Punto would be cheaper than a flashy BMW, most new drivers will want to get behind the wheel of the best possible car they can afford.
Power isn’t always better, opting for a more modest car is a way of getting cheaper insurance for both experienced and unexperienced drivers. Cars are ranked by insurers in groups ranging from 1 to 50, with those in group 1 being the cheapest to ensure and those in group 50 being the most expensive.
Choose the excess that suits you
One the most important factors to consider when looking for car insurance is the sum of excess you can afford to pay- this is a voluntary sum of money you are willing to pay towards repairs in the event of a claim. If you were to pay as little £50,your premium will be higher than if you have voluntary excess of £200.
Consider a Black Box
More insurance companies are now offering young and less experience drivers the option of a Black Box. Simply Installed in the car, the box is designed to help new drivers save money on their car insurance by rewarding safe and responsible driving – quite simply, the safer you drive the cheaper your car insurance could be in the future. Although it’s not guaranteed to make your first insurance policy cheaper, it could help reduce the cost second time around.
Add an older named driver to your first car insurance policy
Younger and less experienced drivers should consider adding parents to their first car insurance policy. When calculating costs of insurance, the insurance provider will see an older and more experienced driver co-sharing the vehicle, and driving it throughout the policy, and may offer a cheaper price than a sole person policy.
Ensure your car is safe and secure
One of the main factors you must consider before applying for your insurance policy is the safety and security of your vehicle. Insurance providers like to know the car is likely to be as secure as possible to avoid the risk of theft. Including security inside the car, and where it is stored when not being driven.
Make sure your car is fitted with an alarm or any other security device that would help prevent theft. Thatcham Research has categorised alarms – the higher the rating of the security system in your vehicle, the more money you could save on your car insurance.
Making sure your car is if kept in a garage overnight, or parked on the driveway of your house, should result in a saving on your insurance policy. However, if you can only park the car on the street, you probably won’t see a reduction in your insurance price.
Unfortunately, car insurance is always going to be an expensive and puzzling for all young and inexperienced drivers. However, with a little bit of research and planning beforehand, you should be able to receive the best deal for you at a reasonable price. You can start working on the following years policy by making sure you drive safely throughout the year and avoid making a claim. Although your first policy may seem like a bank breaker, it will be all worth it the following year.