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Average annual UK motor insurance premium hits £725
21-Oct-08
Insurance premiums go up by £50 in a yearYoung Persons' Car Insurance
It’s an unfortunate fact that a combination of factors, including age, driving experience and lifestyle, make young people a high risk group of drivers. Insurance companies are masters of number crunching and they base their businesses on the statistics that they gather. Read more...>
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Direct LineNamed drivers earn their own no claims discount |
10% | Up to 65% |
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ChurchillVoted Best Online Car Insurer two years running |
15% | Up to 65% |
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Tesco£50 cash back and great deals for named drivers |
15% | Up to 70% |
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Hastings Direct10% online discount & up to 70% no claims discount |
10% | Up to 70% |
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The age span up to 25 is especially prone to expensive car accidents and so this is reflected in their very high insurance premiums at a time when they are least likely to have much money. The type of cars sometimes favoured by young drivers such as fast, sporty models, also tend to contribute to heavy premiums.
Insurance companies that provide cover for young drivers do so at a price but they will take into account other factors that can help to bring down the cost. Young drivers can see the effect of safe driving on their premium with every claim-free year that they complete. By looking at the market it is possible to compare the companies that offer discounts for factors such as advanced driving tests to see if there are any providers that might suit you.
Just like any high risk financial market, because premiums are high, there is money to be made from the young person’s car insurance market and so some specialist insurers actively pursue that business. Those insurers are constantly looking for ways to make young drivers car insurance more accessible and tailor the cover and benefits to that specific market.
Top Tips
- Standard car insurers may seem prohibitively expensive for young drivers so a wide search of the specialist market is a good idea
- Don’t be tempted to get your parents to insure your car and then be a named driver. This may make your insurance void when you really need it.
- Building up a no-claims history will pay off in the end even though the insurance is expensive to start with
- Avoid cars that would be expensive for anyone to insure if you need to keep your premiums down
Articles
£50 cash back for new Tesco Car Insurance customers
02 Jan 2009 | Read More ›- 10% online discount with Insure Car Insurance
28 Nov 2008 - Extra discount for female drivers with Insurepink Car Insurance
28 Nov 2008 - Get a 10% online discount with Hastings Direct Motor Insurance
28 Nov 2008 - 3 months free with Tesco Car Insurance
31 Oct 2008
