Why is young driver’s car insurance so expensive?
Your insurance premium is worked out by looking at factors such as your age (student), your insurance claim history, the type of car of drive and where you keep your car at night. As a parent, you’re probably a little older and wiser than your 18 year old, you’ve probably been driving for a lot longer and like all responsible parents (of course you are) you’ve probably got a decent no claims history. Your 18 year old won’t have those things and so they’re just a riskier category to cover as far as the insurers are concerned.
So adding your child to your own insurance is one way of lowering that cost (especially if you’re kind enough to foot the bill as well). It may increase your premium but that might be more cost effective than your 18 year old taking out their own policy. One of the drawbacks of adding your child to your policy though, is that they won’t build up their own no claims bonus. Some insurers may offer a discount if your child can prove they’ve been named on a policy and not made any claims when they eventually do come to getting their own cover so it’s always worth mentioning.
Alternatively, if your child has their first own policy they could benefit from having a telematics policy, which can give them a lower premium.
Start comparing and start saving
There are some other ways to lower the cost of car insurance – you can think carefully about the car you drive, how many miles you drive and how secure your car is. But, there is one, much simpler thing that you can do right now – and that’s to compare the market. Start a quote with us today telling us a bit about you, the type of cover you require and we’ll do all the legwork – just see how much you could save!