How do I reduce the Motor Insurance premium for Young Drivers?

Answer:

Unfortunately statistically Young Drivers have more accidents than more mature drivers probably due to inexperience.

Since Insurers charge Premiums on the basis of their claims experience this means that Young Drivers despite their own driving ability will be linked to an age group where they have to accept higher premiums. It is unlikely that the situation will improve in the future.

What can you do?

• When buying a car pay particular attention to the Insurance Group Rating of the vehicle. You may want to drive a hot hatch or high performance car but wait until you are older.
• Provided you do not own the car and you are not the main driver get your name added to your parents insurance policy as a named driver. (However if you are the main driver and are at University or not living with your parents  you may find that your Insurers will refuse to deal with any claim) If you are the owner or main driver you need to insure the vehicle yourself. You may be able to add the name of your parents as a named driver and some Insurers may reduce the premium but not all will
• Buy a less expensive car
• Increase the voluntary excess on your policy (but make sure you can afford it in the event that you have to make a claim)
• Opt for Third Party or Third Party Fire and Theft Cover (but remember you will not be able to claim for the cost of repairing your own vehicle if you are at fault in an accident)
• Make enquiries into the Pass Plus Scheme since some Insurers offer a discount if you have had further training