One of the drawbacks of being a younger driver is the very expensive Car Insurance premiums you have to pay. It can be disheartening to see you can afford to buy your first car, tax and fuel it and then you receive a quote for insurance that amounts to more than the car is worth.
However don’t for a second think going without insurance is a good idea. It is illegal and you risk a court appearance, points on your license and a large fine. You’ll also find it more difficult and possibly expensive to get insured in the future.
This is where cheap young driver insurance comes in; There are many tips and tricks that new drivers are simply not aware of that can lower your premium and help you build up that valuable No Claims Bonus.
Firstly it’s a legal requirement! Secondly, insurance is there so should you have an accident, the insurance company will take care of paying for all the damage and repairs and all you have to pay is an “excess.” This is typically a few hundred pounds as opposed to the thousands of pounds, it typically costs to rectify accident damage.
Why is it so expensive?
It’s all about statistics; If thirty 19 year old men crash their car in the same postcode causing thousands of pounds of damage each time, premiums for young men will be higher in that postcode than somewhere else with no such history of claims.
Generally speaking, the reason premiums are so high is statistically, young drivers are fairly experienced and although they have training fresh in their minds, they are often not expecting the unpredictability of other drivers on the road. Coping with other people’s mistakes and driving defensively is one of the best skills to learn on the road, and will keep you and your passengers in one piece when you encouter challenges on the road.
Another reason young drivers suffer large premiums is overconfidence in their abilities and a lack of skill behind the wheel. The feeling of acceleration and going fast is a large attraction when you’re young. However if you’re not adept or experienced at handling a car on the limit, quelling understeer and keeping oversteer in check, you can soon find yourself heading backward into a hedge. Or worse.
High premiums can also occur when Insurance companies are trying to recoup huge losses due to large scale issues like in December 2010 where heavy snow and ice causes thousands of additional insurance claims.
How can I lower my premium?
Click here for some great tips on lowering your premium