Simon McCulloch, Director of insurance at comparethemarket.com, said:
“The cost of car insurance continues to weigh heavily on young drivers and is the largest portion of the price that they have to pay to get on the road. Younger drivers should look at insurance prices for several vehicles before deciding which car to buy – different models can have vastly different premiums, despite seeming to be broadly similar.”
So your choice of car can really help to save you money in the long run. Further money saving tips can include choosing a more fuel-efficient car, which can reduce your overall running costs, as you may be less impacted by increased fuel prices. This could also reduce your road tax as these cars are usually in a lower VED band.
Telematics or black box insurance continues to be a good idea for young drivers trying to boost their credentials and demonstrate that they’re safe drivers to reduce insurance premiums.
And of course, comparing car insurance premiums can help to save you money. We found that young savvy switchers could save on average £251** per year by switching car insurance providers, so it could be worth taking a look.
You can read the full results and report here.
**The average saving is based on the difference between the cheapest click-through price presented and the mean average of the top five cheapest prices presented to a customer, where a consumer has clicked through to buy.