Moneygate

Drive down insurance costs for young drivers

Car insurance for young motorists has rocketed by a staggering 25% in the last year, according to new research. The average cost of car insurance for drivers aged between 17 and 24 now stands at £1,489, with prices expected to soar a further 15% this year alone, say Moneygate.

Annabel Green of national IFA Moneygate, said: “With this in mind, it is crucial young motorists do all they can to make themselves more attractive to insurers to get cheaper cover.”

These include:Take a Pass Plus course: Insurance providers charge such high premiums because they view younger drivers as more likely to be involved in an accident due to their lack of experience on the roads – a Pass Plus course can help you overcome this obstacle. To learn more, visit the Directgov website.

Go for safety over style: Annabel Green, of Moneygate said: “Plenty of people dream their first motor will be a flashy sports car, but if you want to keep your insurance costs down, consider a 'lower risk' car such as a Fiat Punto or Ford Fiesta. It's also worth looking into safety features. Having anti-lock brakes, airbags and traction control could cut the cost of your premiums.”

Don't modify your motor: Personalising your car may be tempting to amateur mechanics, but these modifications are likely to increase your insurance costs.

Add an older, additional driver: Adding a trusted family member with a clean driving record (perhaps a parent or sibling) could help reduce the cost of your insurance. Seeing this person's name on the policy will reassure your insurer that the car will, on occasion, be in the hands of a more experienced driver.

Beware of car crime: Annabel Green, of Moneygate, said: “To calculate your premiums, insurers assess the likelihood of your car being stolen or vandalised, so take as many security precautions as possible. Simple steps such as parking in a garage or well-lit area, installing an alarm or using steering locks could reduce the amount you pay.”

Pay a higher excess: Increasing the amount of your excess will help reduce the price of your premiums. However, be sure to set the excess at an amount you can afford or you could end up unable to cover the cost.

Shop around: Annabel Green, of Moneygate, said: “When it comes to renewing your car insurance policy, many insurers only offer their best premiums to new customers. Whatever your age, it makes sense to research a variety of companies to find the best deal for you. One of the easiest ways to search available deals is with an online price comparison site.”

For more information go to www.moneygate.co.uk