Add or Find a Named Driver
A simple way of reducing the cost of your young driver insurance is to find another driver to name in your insurance. This works best if it is someone older than you, like your parents- coupled with the amount of years (or even decades!) they have spent driving. The best checklist to follow for this is:
- At least 5 years older (older is better)
- Is someone who is aware of and happy to be a named driver (imperative!)
- Has 0 points on their licence (the lower the better)
- Has not claimed on their own insurance countless times (deemed less of a risk)
A word of caution to all of this. Putting somebody else as the main driver and you as the named driver is illegal and will probably result in insurers rejecting claims. Don't do it. Even if everyone says they're doing it or have done it.
Take the Pass Plus Course
We should add an area of caution to this piece of advice. Having the Pass Plus qualification does not guarantee cheaper car insurance. It really depends on which insurance company you get a quote from. Saying this, when we did our research we found that three out of three of the insurance companies we looked at did offer cheaper car insurance as a result of having a Pass Plus qualification. The reduction may not necessarily cover the cost of the course however it is a qualification that you keep and so the savings add up over the years. You really should shop around, which leads us neatly on to our next tip.
Cheap Car Insurance Does Not Always Mean the Cheapest- Shop Around!
Chances are every car insurance company will have on their promotional materials that they offer 'cheap car insurance'. This doesn't mean they'll be cheaper though than another car insurance company that doesn't make such a big deal of claiming it. Simply put, you should shop around. Get as many quotes as you can. It will take time as they'll need a lot of information but if you think about how much you could be saving it will all be worth it in the end. Get quotes from a minimum of 5 car insurance companies. Whittle it down to the two best ones and ring them both up. You can haggle, it won't always necessarily work but it is worth trying. An insurance company is more likely to give you a reduced offer if you say 'well Joe Bloggs Insurance is offering me a £79 cheaper quote' then if you just simply say no.
Find a Cheap Car to Insure
If you want cheap young driver insurance you're most likely going to have to let go of your dream car. A 2 litre Audi TT may be the stuff of your dreams but will probably haunt you in your nightmares when you get quotes from insurance companies. The type of car you have is the biggest influence on the cost of car insurance. Insurance companies take this so seriously that there are 50 different insurance groups for all cars on the market. There are so many factors that insurance companies look at in a car to insure that it would need its own article. For now, we recommend you do your research and read articles like this one from MSN Cars.
Don't Pimp Your Ride - modifications most likely will increase your insurance
If you had grand ideas about pimping your car up, raising or lowering it, adding larger wheels or other hip and trendy things you may want to reconsider. Car insurance companies do not like modified cars. Period. One of the reasons for this is because they know that a car works best when it is left how the experts (the manufacturers) made it. They know that modifications people make to their car such as a raised back are things the car manufacturers did not do out of safety. If you have the salary of a rap superstar then by all means modify your car to your heart's content. Otherwise, keep it sensible.
Pay the Insurance a Year in Advance Rather Than Monthly
This of course depends on your finances. Not everybody can offer nearly (or over) a grand's worth of hard earned cash all in one go. But if you can, we strongly advise that you pay for your young driver car insurance in one go. Car insurance companies like you to pay for the whole year in advance and so it's cheaper. The reason it's cheaper is because you're less likely to stall on payments and won't have to pay the monthly interest. The amount of discount you get on this of course varies from one insurer to another, but it is definitely something you should do if you can afford it all in one go.
Increase Your Excess- they'll love you for it!
This tip also depends on your finances. You could increase your excess (the amount you have to pay up if you have an accident) to get a reduced rate. Whatever you do, make sure you can afford the amount you've offered for excess should an accident happen. Or put the money aside in a savings account so you know you definitely have the money when you need it.