Young Drivers Guide to Car Insurance
Learning to drive and passing your test can be one of the most difficult and stressful experiences you ever go through. After this nightmare process you'll need to hunt for a car - if you're not lucky enough to have one standing by - finance your purchase and source your first car insurance policy.
Searching round for your first car and test driving various offerings can be a fun experience (maybe not the paying part) but you'll likely get a big shock when you start looking to source what you hope will be a cheap car insurance policy.
If you're a young first time driver you're usually doubly tarnished with being new to the road and of a young age. Both of these factors make you more of a risk to the insurer and, coupled with damning claim statistics, you'll find that insurers see you as belonging to the high risk category.
It's highly likely that you will pay over the odds for your first insurance policy but there are ways to make sure you save as much money as possible in the process of buying and insuring your first car.
Get Cheap Finance
For some a first car might be gifted by parents or they might help you with the purchase, but for most of us finance is the only option. This is an area you can definitely save money in as car finance interest rates vary wildly. Don't be tempted to take out finance with the garage who is selling you the car as you will most probably pay over the odds for their high acceptance rates. Shopping around and making use of comparison sites can really save you your hard earned cash.
Go for a Small Car
Don't be tempted to go for a big engine in your first car, keeping it small and slow will really pay when it comes to your premium cost. Likewise, small cars such as the Ford Fiesta, Vauxhall Corsa and Renault Clio are a cheaper option both in initial purchase price and to insure (but don't be tempted to modify them in anyway as your insurance will go through the roof).
Additional Training
To reduce your risk to the insurer and give you more confidence when driving your first car you should think about taking the Pass Plus qualification. This can be taken with your driving instructor and will give you experience of motorways, night time driving and the like. The majority of insurers accord this similar status to 1 year no claims bonus which should make a welcome difference to your policy price.
Add Someone Else
Why not consider adding a parent or an older sibling with a few years experience and no claims bonus under their belt; can really make a difference on the cost of your car insurance but beware adding them as the primary driver if this is untrue. Doing so could leave you with no insurance should your insurer find out.
Keep Your Mileage Low
The fewer miles you travel in your car each year the cheaper your policy will be; it's as simple as that. Guestimating your mileage too loosely can add a noticeable amount to your premium cost. This of course gets easier in your second year as you have something to base it on but for the first be as accurate as possible with your guesswork.
Alter Your Excess
Excesses appear in some form or other on most insurance policies and none more so than in car insurance. Most insurers will allow you to increase the excess you pay should you need to claim following an accident and doing so will decrease your annual policy cost. Beware not to increase it to a level where you cannot afford to pay it should the unexpected occur.
Final Money Saving Tips
Other ways to save money include; improving the security of your car with an immobiliser and/or an alarm, keeping your car in a locked garage over night or opting for pay per mile insurance with companies like Insurethebox.
