Drivers who've just passed their test can often pay up to $2,000 or even $3,000 for their car insurance, making it difficult to afford to run their first vehicle. So why is it so expensive?
Drivers under the age of 21 are ten times more likely to be killed or seriously injured in an accident than those over the age of 35, and not only do younger drivers make more claims, the amounts involved in each claim are on average for larger amounts. This obviously costs insurers a lot of money, which pushes up the cost of premiums. In fact, so bad is the situation that around a half of insurers won't even provide quotes to 17 year olds.
Some insurers have started to offer specialist policies to younger drivers, which while still expensive at the start offer a fast track approach to building up a no claims discount. In this way, young drivers who prove their safety will enjoy cheaper insurance prices quicker than those who take less care.
Tips to get cheaper car insurance
- Get a small car with a less powerful engine
- Add your parents parents onto the policy - having safe older drivers listed on the policy will often reduce the premiums, even if they don't actually use the car very often
- Get advanced training after passing
- Pay in advance if possible - while most insurers will allow monthly payments, the interest charged is usually very high
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