As a young and newly qualified driver, you will have already noticed that your insurance costs are going to be a lot higher than for those who have been driving for several years. ‘Young driver’ typically refers to people aged between 17 and 25, and higher costs are a result of insurance companies considering younger drivers as having a higher risk of being involved in a collision. In this article, we will look at some of the ways in which you can lower your insurance premiums by making some straightforward changes.
Add another driver or two
You can lessen the cost of your insurance cover by simply adding a more experienced driver onto your policy. Naturally, this driver will need to have a clean driving history, with no recent insurance claims. If you do add someone with a poor driving history, the cost may increase.
Take out a telematics policy
One sure way to reduce your young driver insurance costs is to take out a telematics insurance policy. This means your car will be equipped with a small device that will record how you drive and then pass that data in real-time over to the insurance company. The device will collect data relating to your speed and how you accelerate and brake.
Pay more on the excess
The excess represents the amount of money you will need to pay on a claim out of your own pocket before your insurance company pays out. There is a delicate balance to be found here, as you will need to make sure you have enough money to cover the excess should you be involved in a collision, so choose a figure that is within your means.
Pay your premium annually
Although it may be tempting to pay monthly, paying your insurance premium in full on an annual basis can save you money in the long term, as it shows the insurer that you are not planning on switching anytime soon.
These represent just a few examples of how you can lower your young driver insurance costs, but it is always a good idea to shop around to find the best policy that suits your circumstances.