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Young Drivers: The High Cost of Insurance

Many young drivers are finding it difficult to find an affordable insurance policy to cover them on the roads. For some, the cost of young driver insurance is so high that it puts them off from learning to drive altogether. So what is the real cost of young driver insurance and what can be done about it?

Why is Young Driver Insurance So Expensive?

Young drivers are considered high risk by insurers because of their lack of experience and the fact that they are statistically more likely to be involved in a crash or make an insurance claim. This means that insurers will charge a higher premium to cover them. As well as this, young drivers may not have the same size of no claims discount available to them as more experienced drivers, meaning their premiums will look higher in comparison.

How Can I Reduce my Young Driver Insurance Costs?

There are a few steps that young drivers can take in order to reduce their insurance costs. Firstly, young drivers should consider taking additional driving courses, such as the Pass Plus which can help to reduce the cost of their insurance. Young drivers should also look for policies that offer extra discounts for things such as having a low annual mileage, or for driving a car with a lower engine size.

Young drivers should also consider adding an additional driver to their policy, such as a parent or sibling with more experience, as this can help to reduce the cost of the premiums. Furthermore, young drivers should shop around and compare different policies to find the best deal for them.

How Much Does Young Driver Insurance Cost?

The cost of young driver insurance can vary considerably, depending on a number of factors such as the age and experience of the driver, the type of car they are driving and the area they live in.

Typically, young drivers can expect to pay around £1,000-£2,000 a year for a fully comprehensive policy, although this can be significantly more depending on the circumstances. However, there are some insurers who offer discounts for young drivers, and so it is worth shopping around to find the best deal.

What is the Future of Young Driver Insurance?

Insurers are now starting to use telematics in order to better understand the driving behaviours of young drivers. Telematics, also known as black box insurance, monitors the way that a driver drives and then charges them a premium based on their driving habits, rather than on the risk associated with their age and experience. This means that young drivers who are safe and responsible on the roads can benefit from lower premiums.

Conclusion

Young driver insurance can be expensive and is often a difficult cost to bear for young drivers. However, by taking the steps outlined above and shopping around for the best deal, young drivers can find an insurance policy that is both affordable and suitable for them. Ultimately, it is important for young drivers to be aware of the cost of Young Driver Insurance Cost and to take steps to reduce it.