Young Drivers Insurance
Young drivers may find it difficult to find motor insurance and when they do find it they can expect it to be expensive. Drivers between the ages of 17-25 are responsible or a part of a third of the auto related deaths in the UK. This puts them in a ‘high risk’ age bracket and insurance companies will charge much higher premiums.
In the UK a vehicle driven on the road must be insured. The type of insurance required is third party or at the very least Act only insurance. Here are the different types of insurance policies:
- Act only: This is the minimum legal coverage you can carry in the UK. It will cover liability to a third party on any public road. It does not cover damages to someone’s property or any damages that happen off road. It is very limited and is suited for people with poor driving records or are having trouble getting other insurance.
- Third Party: The insured driver is covered when driving on public or private property and roads. Besides covering third party claims, it will cover damages to property and legal liabilities.
- Third Party Fire and Theft: Cover the same as third party but will pay for the insured drivers vehicle in case of fire or theft.
- Comprehensive: This is the widest coverage of all. You get the same coverage as the other ones plus accidental damage coverage. This means you can get your car fixed no matter what kind of damage it sustains.
There are also many optional small policies that can be added on.
For a young driver who wants to get the cheapest possible insurance, there are things he can do. Most importantly, take the Pass Plus training scheme. Insurance companies will take this into consideration when preparing the policy. Get a small low-powered car. They do less damage and are cheaper to fix. Keep a good driving history. No tickets! All of these things will factor into the price of a young driver’s policy.
The average insurance for a 17-year-old male driving a 1.8 litre Volkswagen Golf is £5,511. For a 17-year-old female driving the same car it is £2,478. These rates can drop by as much as 10% by completing the Pass Plus training course. Regardless of this, you will probably be asked to pay a high excess, usually £1,000.
A young driver can benefit from having a parent added to the motor insurance coverage. This is something that a young driver should really consider.