Car insurance for teens can be expensive. Being a younger driver doesn’t automatically mean you’re a dangerous driver. However, insurance is based on risk. As a new driver, there is less information about you for your insurance company to use when calculating your premium. That makes you a more uncertain proposition, and so it’s more expensive for you to get insurance.
Also, like it or not, your age does make you more likely to be involved in an accident. According to Brake, the road safety charity, drivers aged 17-19 years old are involved in 9% of fatal or serious car crashes where they are the driver. That’s high, especially when you consider that this age group makes up only 1.5% of road users.
Unfortunately, the high cost of car insurance for teens creates a catch-22 situation. You might need a car to get to work to earn cash. But you can’t afford to pay for your car insurance to get you there in the first place. To help you save money, we’ve compiled eight ways to get cheaper car insurance for teens and younger drivers.
How to get cheap car insurance for teens
When you request a car insurance quote, there are lots of things that will be considered that cannot be changed. For example, your age and where you live can affect the amount you’ll pay. But are also things that you can change. And these can save you money on your car insurance for teens:
1) Black box insurance
Black box insurance, also known as telematics, helps to fill in the uncertainties about your driving ability. If you opt for this insurance, you’ll have a small box fitted to your vehicle, which records things like your speed, your braking, and the time when you drive. This builds up a picture about the way that you drive for your insurance company. If you drive safely, for example, sticking to the speed limits and with limited excessive braking, you can win discounts on your premium. But be warned, dangerous driving will mean higher premiums.
2) Shop around or use a trusted insurance broker to do this for you
As with any insurance, it pays to shop around for car insurance for teens. Different insurance companies use different factors when calculating premiums, so it’s possible to get big differences in prices. The more insurance companies you contact, the more likely you are to find the best value for money deal.
A car insurance price comparison website can be a good place to start, but don’t rely on this. Remember that they don’t compare every insurance product out there. You’ll need to watch out to check that the premiums that you are offered match the details you’ve put in. That way you can be sure you’re getting the level of cover you’ve asked for. And price comparison websites can be more limited when it comes to finding great value deals for more specialist insurance products like car insurance for teens.
If you don’t have the time to shop around, or don’t know where to start, you could use an insurance broker. An independent broker, like Park Insurance, isn’t tied to just one insurance company. That means they can scout around a wide range of insurance companies big and small to find the genuinely best value deal out there. Park Insurance is one of the UK’s largest independent insurance brokers and that gives the experienced team the benefit of big buying power. They can use this to negotiate hard on your behalf to find rock-bottom prices without compromising on your cover.
3) Increase your excess
The excess is the amount you’ll pay automatically if you make a claim. By increasing this, you can often reduce the cost of your initial premium. However, it’s important not to raise your excess so high that it becomes unaffordable. Again, your insurance broker can look at all the options for you.
4) Don’t assume that 3rd party car insurance for teens is always cheapest
You might think that 3rd party insurance, the minimum requirement for you to be road legal, is cheaper than fully comprehensive. But this isn’t always the case. Look at both options before making a decision. This is also something that your insurance broker can help you with.
5) Choose your car carefully
If you’ve not yet gone out and bought a car, it’s worth doing your homework first. Small cars with small engines are economical to insure. Older, more basic models can also mean cheaper insurance. Cars are allocated an insurance group from 1-50. Cars in the lowest insurance ground (under 5) are the cheapest to insure. As an example, cars in group 1 (the cheapest insurance group) include the Seat Mii, Volkswagen Up!, and Hyundai i10.
6) Drive safely
If you’ve opted for black box insurance, you’ll know the financial benefits of driving safely. But this is also the best way to keep your premiums down for the future. Any insurance claims or penalty points on your driving licence will increase your car insurance for teens premium.
7) Consider temporary insurance
Taking out temporary car insurance for teens can be cost-effective. This will only work for you if you only need to drive a car for limited periods of time, for example during your university holidays.
8) Pay annually if you can
Car insurance for teens is generally the most expensive out there. But you’ll pay even more if you decide to pay monthly. If you can afford to pay for your insurance in one go, do this to save cash over the year.
Let Park Insurance find you cheap car insurance for teens
At Park Insurance we specialise in helping teenagers to find the best price on their car insurance. We’ve been helping younger drivers for 30 years and know all the top ways to help reduce the cost of car insurance. Tell us about how you use your car and we’ll use our expertise to find you a great value deal. Whether temporary car insurance or a higher excess is the right thing for you, we’ll give you all your options. Call us on 0117 955 6835 or get a free, no-obligation quote now.