Young drivers usually pay more for their car insurance prices in comparison to older drivers. Even though 17-year-olds are paying roughly 54% less than they were five years ago, it’s still a lot of money to be parting with.
It’s the same for first-time drivers, too. For the first year or so behind the wheel, you could find your costs to be higher than other drivers your age.
The good news, though, is that there are ways you can lower the cost and still be covered.
Why is car insurance so expensive for young and new drivers?
It all about risk. The bigger the risk an insurer thinks you are, the more expensive your prices tend to be. This is all based on decades’ worth of insurance statistics.
Unfortunately, the statistics show that drivers under 25 are more likely to have an accident than any other age group, making them the riskiest drivers.
The same applies for drivers with less experience than their peers. This means the prices get hiked up as a result.
Based on inexperience, address, choice of car and a number of other factors, insurers will more often than not set the price of a younger, inexperienced driver higher than an older driver with a few years’ experience under their belt.
Ways to decrease the cost of young driver’s insurance:
- Simplify your choice of car
- Increase security
- Earn a no claims bonus
- Think about buying a black box
- Consider taking a pass plus course
We hope these tips can help decrease the cost of your young driver’s insurance.