Buying your first car can be a rewarding experience. There’s something wonderfully liberating about hitting the open road. But, when you’re hit with high insurance premiums due to your lack of on-road experience or age, it’s normal to feel somewhat deflated. Young drivers aged between 17-24 often receive expensive quotes because they’re statistically more likely to have an accident. So, how can you cut costs and enjoy affordable car insurance?
Buying your first car can be a rewarding experience. There’s something wonderfully liberating about hitting the open road. But, when you’re hit with high insurance premiums due to your lack of on-road experience or age, it’s normal to feel somewhat deflated. Young drivers aged between 17-24 often receive expensive quotes because they’re statistically more likely to have an accident. So, how can you cut costs and?
Think About Black Box Insurance
Black box insurance – also known as telematics insurance – is a great way to lower your premiums when it’s time to renew your policy. Essentially, a small box is installed into your car which monitors how you drive. If you stick to the rules and prove yourself to be responsible behind the wheel, you could be rewarded with cheaper insurance. For insurance companies, it’s all about assessing risk and therefore a black box helps good drivers to stand out from the crowd and not be penalized for being a first car owner.
Choose A Car In A Low Numbered Insurance Group
When you’re a first-time car buyer, it’s important to look for cars that won’t break the bank when it comes to insurance. Every single car belongs to one of 50 insurance groups, with group 1 cars being the cheapest to insure and cars in group 50 being the most expensive. As a rule, if your car has a hugely powerful engine or a high price tag, it’ll be in a high insurance group. Similarly, rare cars will also be costly to insure, so doing your research is crucial.
Cars that are typically a lower-cost to insure for under 25s include models such as the Ford Fiesta, Citroen C1, Peugeot 108, Skoda Citigo and more, but always do your homework to make sure you’re making the right investment. If you’ve already bought a car, comparing insurance policies is the best way to find the most affordable policy.
Increase The Safety Of Your Vehicle
Insurers take the risk of theft into consideration. So, to get a low-cost insurance policy, it’s wise to fit your vehicle with an alarm or immobilizer. Similarly, if your vehicle is being kept in a garage when not in use, this will do you more favors than if it’s parked on the street. Ultimately, to enjoy the best insurance rates, you need to tick as many safety and security boxes as possible.
Add A Second Driver To Your Policy
First car insurance can be expensive, but a clever way to bring costs down is to add a second driver to your policy. So, instead of parents adding a young driver to their car insurance policy, the opposite could be more beneficial to a new driver.
This is because insurance companies will realize that an older, more experienced driver is sharing responsibility and can also help the young driver build up their no claims discount. But keep in mind that the second driver must not have made a claim in the past. You must also be aware that if you are the main driver, it’s illegal to change the named driver to somebody with more experience.
Being a first car driver should be an exciting experience but approaching insurance in a sensible manner is key to getting the very best low-cost policy.
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