Car insurance for young drivers

Having a car is an expensive business. First, you have the initial cost of the car, then the road tax, then fuel – which continues to rise at an alarming rate – then there is the insurance. Driving without insurance is illegal, however, it is estimated that 250,000 young drivers are driving around without it.

The reason? That’s obvious – price. Car insurance is ridiculously expensive for young drivers particularly the males of the species. Drivers aged 17-20 would rather risk an accident than pay in excess of £1000 to insure their cars, particularly when the insurance costs more than the car itself.

However, one in five newly qualified drivers have an accident in their first year and male drivers are more likely to incur damages than their female counter parts, driving without insurance is a dangerous crime. Not only that, the other party involved in an accident has to pay even more to set things right and they lose their no claims bonus even if the accident wasn’t their fault.

There are some options for young drivers however. Firstly, for the first few years of their driving lifetime, they should ask mum and dad to kindly add them to their insurance. The premium will be far lower and they can start claiming no-claims bonus from the word go. Furthermore, the car is likely to be of better quality, resulting in fewer repairs and a reduced likelihood of an accident.

Secondly, look for a company with a high no-claims discount. Some companies offer up to 75% off after five years or so and by this time, they will have become better drivers and will be old enough to get their own insurance that won’t cost and arm and a leg.