Congratulations! You’ve passed your test and now you may be on your way to purchasing your very first car. You might already be aware that your first insurance policy cost is probably not going to be as cheap as what your parents’ policy is, but there are things that you can do to minimize the cost when it is your first time on the road. The main reason why insurance policies are more expensive for the first time driver and young drivers is that young drivers are statistically more likely to be in an accident and make a claim; that and many other factors such as zero no claims bonuses and the vehicle specifications themselves. Driving dangerously or making claims on policies will have a knock-on effect by sending the car insurance policy premiums sky high.
Getting the best cheap car insurance for young drivers can feel like an improbable accomplishment, but there’s plenty that can be done to help keep costs down.
Along with finding out about you, insurers will also want to know as much that is available about your car because some are old or specialized and are far riskier to insure than others. Now, this is an area where you do have control. The vehicle you choose to drive for your first will impact you on your insurance premium. So while you’re going car shopping, keep
the following factors in mind, it might mean you end up in a hatchback, not a supercar; but at least your insurance will be more affordable. Finding a cheap used car is also something not that difficult; cars and other vehicles are continuing to be manufactured and produced more reliable and more efficient as the industry and technology advances. So rest at ease that you can still buy a second hand car, but it doesn’t have to be second best.
Things to Consider:-
An older car might not benefit from the safety features of a newer car; NCAP safety rating has been implemented since the year 2000 and new cars sold in the European Union countries have been subject to safety tests in order to give them a standardized safety rating which may be more likely to be involved in an accident. Not only that, but vehicle replacement parts may be more costly and less freely available on the market, increasing the repair costs. So for a newer car, not only should the premiums be lower but it’s likely to be more reliable.
The Engine Size
The bigger the engine in a vehicle means the more difficult it can be to handle and maneuver. With larger engines, speed generally comes with it. Lastly more weight the car has; because of the engine, more damage you potentially can cause in an accident. Smaller cars mean smaller premiums and a lower risk of being involved in an accident because of the limitations of speed and weight. With a large engine comes more carbon emissions too so expect an increased or greater car road tax bill.
That shiny red modified Civic Type R GT has you drooling, and it’s your dream car, imagine how a car thief’s going to feel about getting their hands on it. The more desirable and rare a car is the higher a risk of theft it poses to the insurance companies. Luckily, there are still lots of different specs of the standard ranges of hatchbacks and there are many ways to customize your regular hatchback, so you don’t have to follow the crowd. Although modifications, such as alloy wheels and body kits appeal to the new driver but should however consider avoiding them if you want the best insurance for your finances. Modifications are known to increase premiums by many invalidate your insurance, which becomes a legal matter. This is the sort of information that young drivers with modified fast cars, or those who want a fast car, should be aware of.
Get a quote before you buy a vehicle. Insurance costs vary by age and type of vehicle and It’s always good advice to check for a quote or get an auto insurance quote online before you buy any vehicle.
Don’t Assume Third-Party Insurance Is Cheapest
The lowest level of cover to legally drive on the road is known as ‘third party’ insurance cover. Next is ‘third party including fire and theft’ cover followed by the all-inclusive ‘comprehensive’ cover. These are specific types of insurance that cover you for any damage to another vehicle or someone else’s property. It also protects passengers in your car and the public. The fire and theft option gives you cover against fire or theft cover. Comprehensive is all of the levels.
Third Party cover used to be the cheapest type of cover, but sometimes fully comprehensive policies can be cheaper for some. This is because selecting fully comp may mean you’re considered of a lower risk on the road.
Search For The Right Insurer
If you have used the major supermarket sites online when searching for the cheapest policy, you may find that there is a lot of major names and not a lot of companies tailored to new drivers. This isn’t because there isn’t any, its because you probably will need to fill in other details which comparison sites can’t offer. Be sure to search Google for insurance policies for new drivers.
Consider A Black Box Policy
Black box policies; also known as policies that include telematics, use an application on a smartphone or a small device installed in the car to monitor driver usage and driving behavior. These types of policy can greatly help learner drivers to cut the cost of car insurance as insurers are able to base premiums on actual driving behavior rather than a ‘blanket punishment’, assuming that every young driver is at risk of making a claim.
If there ever was the best way to get a good result in reducing the cheapest insurance for young drivers, then black box insurance has got to be top of the list. In fact, drivers aged 17-22 could save on average of $1800 by choosing black box insurance over a standard policy.
What Helped You Reduce Your Costs? Let Everyone Know Your Handy Tips To Cut New Driver Costs In The Comments Below!