If you are wondering how to get a cheap insurance for young drivers then this nine-point checklist will provide you with a lot of insights to get the best cover at the most affordable insurance premium. Young drivers all over the world are statistically more at a risk of facing an accident and in most of the times it can be fatal.
Therefore, insurance companies consider such insurances highly likely to be claimed and therefore are more cautious while determining the rate of premium, the inclusions and exclusions in the policy and much more. All these have a serious and a knock-on effect such as:
- It may send the car insurance costs of any young driver sky high
- This will also make you think that getting the cheapest car insurance for young drivers is almost an impossible task and
- You may feel that including such insurance in your policy will be the most feasible way to go ahead which will also send your premium soaring.
However, the good news is that fortunately there are lots of ways in which you can keep the costs of such car insurance down apart from the most obvious one: picking the right carwith lots of safety features and increasing your excess.
The tips to follow
These tips go back to basics of car insurance and will give you a lot of scope and confidence to consider a large number of insurers and their options and not rely only on those that offer ‘pay as your drive’ or telematics insurance.
- Start by picking one of the cheapest cars to insure for a young driver when you are looking for your first car. This will be the biggest factor to determine the cost of car insurance. You must know that all types of cars that are available on the market typically belong to one of the fifty different car insurance companies. However, the cheapest cars to insure for young or new drivers may be found among the top five such groups. This factor is most important for the young male or female drivers that drive fast cars which are normally more expensive.
- Next, you should focus on the car modifications and steer clear of it. These modifications include things like body kits and alloy wheels that often appeal to the young drivers especially those drivers who want to personalize those medium sized cars and those simple looking hatchbacks. If you want the best insurance for young drivers you should characteristically avoid these modifications because these are known to raise the insurance premiums by hundreds of dollars. Once again, this is another important aspect that the young drivers in love with fast cars and want to own one should be more aware of. If you are heel-bent to modify your car, consider replacing the modified parts with cheaper versions of it and be happy with it or be ready to pay much higher costs of the premiums otherwise.
- Know and consider the black box policy which is also known as telematics when you consider the insurance policy for young drivers. This is a small device or an app that is installed in the car that helps to monitor the driving behavior and usage. This will surely help you to lower down the insurance cost by a significant margin because the insurers determine the rate based on the actual driving behavior instead of generalizing every young driver as a high risk candidate to make a claim. If you choose a black box insurance policy over a standard policy you could save more than a thousand dollar on an average.
- Make sure that your policy has the option of paying per year and not per month even though it is obvious that paying the insurance premium at one time may be quite a burden to you. Even though you will need to shell out a lot of money at one go, you will ultimately save a lot of money this way making your car insurance far cheaper as compared to staggering the payment over the whole year. Ideally, this will save you the monthly interest charges which can really be a substantial amount.
- Consider increasing your excess as and when possible in addition to the mandatory excess that you have quoted. This will reduce the cost of your car insurance significantly. However, you must make sure that you can afford to and have the required resource to make such excess payments because most of the time young drivers struggle to stump up an extra payment after a car crash. Moreover, you must also make sure that you do not end up raising the voluntary excess higher early on considering the fact that the young drivers are most likely to make a claim within the first year of driving.
- Also consider the level of cover you need. If you go for comprehensive car cover it will be most expensive because it will cover your car as well as the others involved in the accident. Typically you should go for the third party cover which is the most basic one that will covers claims made against you if injure someone in an accident apart from the cost of repairs replacements in the car of the other person and not your own.
- When it comes to third-party cover, do not assume it will be the best insurance for young drivers and therefore make it a point that you compare quotes. You must also assess how frequently you plan to drive, the distance and area when you consider a car insurance policy.
- Make sure that you add a named driver but avoid ‘fronting’ to reduce car insurance costs. Add a person who is older and more experienced driver than you but do not put the policy in your parent’s name while you are the main driver. This is ‘fronting’ and is illegal that can result in rejection of claims by the insurers.
Lastly, increase security features to limit risk to make your car insurance cheaper.
