Why is car insurance for young drivers so expensive?
Young drivers are often inexperienced which often means that insurance companies regard them as high risk individuals. Statistics show that one in five new drivers is involved in a crash within the first 12 months of passing their test. Gender also plays a role in the determining insurance costs, as women drivers are traditionally considered to be a lower risk.
Essentially, the insurance companies base their decision on insurance premiums on a range of factors. This may include the model and make of the car, how long the individual has been driving, where the individual lives, additional drivers of the vehicle, among other factors.
How to keep car insurance costs down:
Never accept the first quotes that you get. Take the time you need to compare different quote amounts. Make sure that you find quotes that are suitable to your individual needs.
Reduce your mileage
By driving less often you can lower your insurance premiums significantly
Take an advanced driving course
By showing your insurance provider that you have worked on improving your driving this may go a long way towards getting cheap car insurance
Opt for a higher excess
Paying a higher excess often lowers your insurance premiums
Add a named driver to your policy who is older and/or more experienced
By adding an older driver you could get lower insurance
Choose a low-risk car
Cheaper cars with smaller engines are often considered to be low-risk, so you will get cheaper car insurance
Consider options such as Pay-As-You-Drive
If you can’t afford comprehensive cover, rather opt for Third Party insurance. If you are involved in an accident with another vehicle and you are at fault, the third party insurance covers you for these costs.
Vitality Drive offers a Young Adult Plan exclusively for drivers younger than 26