Driving a car can be hugely expensive for all, especially at a time when the cost of fuel is so high and insurance costs are rising. Insurance is particularly expensive for young drivers, so what steps can a young driver take to keep their car insurance premiums down?
Why Insurance Is High For Young Drivers
First, it is helpful to look at why insurance is higher for young drivers. This is because insurance companies deem young drivers to be higher risk and more likely to be in an accident resulting in a claim, so the cost of insurance is high. This is backed up by statistics with 1 in 5 drivers crashing within a year of passing their test.
Ways To Lower Car Insurance
The good news for young drivers is that there are a few steps that they can take that will help to bring down the cost of their car insurance.
Choose A Low Insurance Group Car
The car that you drive has a huge bearing on how much your insurance costs. Every car is put into an insurance group from 1 to 50 (the lower the group the cheaper the insurance), so you should always research this when shopping for a car. Cars that are cheaper to insure will be small and not particularly powerful. A used car will also be cheaper to insure as it will be worth less.
Shop Around
You should also take your time and shop around for your car insurance policy and never go with the first that you find. Online comparison tools can be handy and will help you to find an affordable level of cover. Remember that third party is not necessarily always the cheapest option.
Keep Mileage Down
You will be asked how often you will use the vehicle, how many miles you will cover roughly annually and what kind of trips you will be making. Using the car infrequently and low mileage will result in lower insurance costs as you will be less likely to make a claim.
Increase Voluntary Excess
You can also reduce your premium by paying a higher voluntary excess (the amount you are willing to pay towards a claim). This is an effective way to bring down how much you pay each month, but you must make sure that you are able to afford the excess.
Hopefully, the information in this post will be useful and help you to bring down the cost of your car insurance. It can be tough for a young driver to afford the costs of motoring, especially with fuel prices so high and car insurance premiums going up. There are some factors within your control, though, which will help you to bring your car insurance costs down.