Why is insurance so high for young drivers?
Are you a young driver faced with sky high insurance quotes? Just why is insurance so high for young drivers? If the system seems unfair to you, read on and we'll try to explain how the premiums are calculated...
Young drivers (usually classified as those under 25 years of age) face some of the highest insurance premiums around. Car insurance prices are set according to the risk that the company is taking to insure you - and unfortunately, that risk is high for young drivers. That's because they are new to driving and have little independent driving experience. Statistics show that one in five drivers is involved in an accident during their first year on the road.
You are more likely to have an accident during the first two years after you pass your test than at any other time. In fact, male drivers under the age of 21 are ten times more likely to have an accident than male drivers over the age of 35.
Statistics like these explain why car insurance doesn't come cheap for young drivers. The vehicles of young drivers are also more likely to be stolen or vandalised. So what can you do to get a lower price?
- Complete the Pass Plus Course: many insurers are willing to drop their prices if you've passed this AA course, which includes night driving and motorway driving practice.
- Earn a no claims discount: you may be eligible for this discount if you're a named-driver on your parents' car.
- Choose a car in a low insurance group: these are usually cars with smaller engines.
- Improve car security: park in a garage overnight, don't leave valuables in your car and fit security devices, like immobilisers.