Passing your driving test is an exciting milestones, whether you nailed it first time or if it took you a few goes.
And while you'll now be able to drive yourself around, unfortunately the cost quickly mounts up. Buying your own set of wheels, and insuring it can soon turn very expensive.
It's common for drivers between the ages of 17 and 25 to pay an average of £1,800 per year to insure their vehicle. Young drivers are charged more to insure a car due to lack of experience, meaning they are deemed high-risk.
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The law requires drivers to have third-party insurance at a minimum - if not, you could be prosecuted, fined or even face court. New drivers who may struggle to afford a car or policy can be added to another person's policy as a named driver. Better yet, this person does not have to be a family member or relative.
The experts at A-Plan Insurance have revealed their tips on how to save some money while insuring your car. There are three types of insurance, including:
- Fully Comprehensive – This type of cover will pay out if you damage your own car and someone else's car, regardless of who is at fault for the accident. It also covers you if you injure someone else in an accident and protects you against fire and theft.
- Third-Party Only – This type of cover only covers the damage done to another person's car and any injuries caused by an accident. This is the minimum amount of insurance a driver can have and usually is the cheapest option.
- Third-Party, fire and theft – This covers everything third-party only covers, as well as protection against fire damage to your car and theft.
To make insurance cheaper, you can pay for the year's policy upfront; however, if this is too much of costly payment to make at one time, you can opt to pay monthly. There are also ways that a young or new driver can reduce the cost of insurance premiums.
A-Plan insurance revealed the following helpful tips.
- Insure a car with a smaller engine – a smaller engine is less likely to be involved in high-speed accidents as they are less powerful.
- Complete a Pass Plus course – this course can make you safer on the roads, making you less likely to be involved in an accident and therefore deem you less of a risk.
- Get insured on a black box policy – black boxes allow the insurer to monitor the speed and behaviours of how you drive, proving how safely you drive, meaning cheaper premiums.
- Add a low-risk and experienced driver to your policy –adding experienced drivers, such as parents, relatives or older friends, onto your insurance can, in some cases, help to reduce the price. Make sure, though, that this added driver does not, at any point, pretend to be the vehicle's main driver, as this is illegal.
- Pay a higher voluntary excess –paying a higher voluntary excess fee on top of your required excess can help reduce the price. It can cause you to pay more in some cases, though, if you need to make a claim.
- Add-ons might not be the cheapest way of coverage – shop around for coverage! You don't have to add on things like breakdown cover from one insurer; shop around until you find the best deal.
- Talk to an insurance broker – By talking to an insurance broker, they will be able to advise you about the best options for you as a new driver.
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