I am sure you are aware having read previous posts that now my son has reached the age of seventeen I worry about all the pifalls of driving. Also a lot of his friends drive and while I know they are sensible it only takes one mistake for something terrible to happen. I drill into him the importance of car insurance, of not distracting friend’s that are driving and also not getting into a car if the driver has been drinking.
On top of all that is the expense…the cost of the car, petrol and ultimately the dreaded car insurance. So I was pleased when I was asked to host this apt guest post. I hope it helps anyone else going through the minefield of teenage drivers.
Is your daughter’s boyfriend insured? Or do your son’s friends drive? If so, find out who covers them. Getting an affordable car insurance quote for a teenage is no easy task and any tips should be welcome.
The reason teens are so hard to insure is because they are seen as the biggest risk to insurance providers – the younger and more inexperienced you are as a driver, the more likely you are to have an accident and consequently make a claim.
Typically, a young motorist’s annual car insurance can be over £2,000. That’s if they can find an insurer – more than 50% of insurance companies refuse to cover under 21s, and even more companies automatically reject 17-year-old drivers.
But with one in five motorists having an accident in their first year of driving, according to statistics from the AA, can you blame the insurance companies?
More worryingly, the AA says 25% of drivers who die as the result of a car accident are under 25, even though only an eighth of UK drivers are in this age group. And in 2007, 40% of passengers killed or seriously injured in car accidents were in the car with a young driver.
No alternative
Unfortunately, a young person’s insurance premiums are unlikely to go down by much until they’re over 21. But don’t let that tempt your teen into driving without insurance.
The financial and criminal consequences of driving uninsured can be catastrophic. According to the Direct Gov website, it can result in six penalty points and a £200 fine, but a repeat offender can receive a substantially larger fine and more points, or they may even have their licence revoked.
Plus, if they have an accident while uninsured, they could be left with hefty medical and car repair bills.
How your teen can lower their premiums
• Buy a safe, cheap car. Large, sporty, valuable cars with powerful engines are expensive to insure because they’re more likely to be involved in high-speed collisions than small, less powerful cars, plus they’re likely to be pricey to repair. Your teen is likely to get into a couple of scrapes, so make sure they’re driving an old, cheap car with a small engine.
• Avoid comprehensive insurance. If your teen’s car has a low market value, they should consider Third Party or Third Party Fire & Theft covers, can sometimes be cheaper than fully comprehensive policies. If a cheap car is involved in an accident and needs repairing or is written off, by the time you’ve paid your excess, you might have very little left. Be aware though, that sometimes third party quotes cane be higher than fully comprehensive quotes. It pays to ask for quotes for both types of policy.
• Don’t modify your car. Don’t add fins, spoilers and other extras. Changing a car can affect your premiums because insurers base their rates on manufacturer’s standards and specifications. If the car is then modified, the factors on which they base their rates will have changed.
• Drive more carefully. If your teen sticks to the Highway Code’s rules, they’ll reduce the amount of accidents they have and will therefore build up a good driving record as well as a no claim discount.
• Protect your car. If your teen can park their vehicle in a locked garage over night, or at least on a driveway, it will lower their premium, as it will reduce the likelihood of a claim for car theft or damage. For the same reason, fitting an anti-theft device can lower their car insurance.
• Add a more experienced driver. If a teen can name their parent, or another adult with a good driving record, as a second driver, it may reduce their premium.
However, don’t be tempted to ‘front’ an insurance policy. This is where a teen is named as a second driver when they’re really the registered keeper of a vehicle or main driver. It’s considered fraud and if discovered, it will invalidate your policy and you’ll find it hard to get car insurance in the future. You can both be prosecuted, too.
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