Many newly-qualified motorists may find that insuring their vehicle is the most expensive part of driving if they are aged under 25-years-old. Premiums are a reflection of the risk that drivers pose whatever their age but the under-25s can benefit from shopping around for young driver car insurance. A recent study by the University of Southampton confirmed fears that accidents are more likely to happen to the younger driver.
Figures put the probability of motorists aged 17 to 20-years becoming involved in an accident at five times the level of older drivers. Further statistics showed that seven per cent of this age group were confirmed as “good” drivers in tests while 34 per cent were considered “bad”. Insurers raise premiums levels to take account of the probability of young people damaging their car but cheaper deals can still be found when shopping around.
In addition, several insurers provide extras which appeal to younger drivers such as paying premiums in instalments. All insurers vary the cost of premiums depending on a number of factors and this can help direct motorists towards less costly options. For instance young drivers can opt for the lowest level of cover offered by insurers which is Third Party. These policies pay for damage caused to another vehicle but does not cover for repairs to the driver’s car.
A popular choice is Third Party Fire and Theft which is a step-up in protection as it also pays out if the driver’s car is set on fire or stolen. This policy is often used for cheaper cars because it does not provide funds to repair the driver’s vehicle if it is damaged in an accident toto88. If drivers want to spend a little extra on a policy which protects against damage to their vehicle then they should opt for Fully Comprehensive cover.
In addition to having the highest level of protection, many insurers include extras in this policy which can appeal to drivers. These can include payments should a driver become incapacitated through an accident or if they and their passengers require medical treatment. Building up a no-claims bonus is another way to reduce premiums as once drivers prove they are less risky their policy price falls.
For younger drivers who cannot yet afford to buy their own policy they can opt to be a Named Driver on their parent’s insurance. By shopping around drivers can find insurers that offer reduced premiums for those drivers who have not had accidents while being a Named Driver.