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Younger drivers could cut car insurance cost in half

New schemes mean that younger drivers could cut the cost of their car insurance in half.

Price comparison website insuresupermarket.com found that novel approaches mean teenagers could end up paying around £784 for their insurance, compared with the market average of £1,605.

"More and more insurers are targeting younger drivers with new innovative products and features, which can significantly reduce premiums," said Richard Mason, insuresupermarket.com director.

"Norwich Union's £1,000 excess is one such example - although it may seem like a huge amount, our research has shown that making a claim on your insurance can add upwards of £900 to your premiums over the time it takes to claw back your no claims discount. This is likely to be much more for younger drivers so it is well worth considering the higher excess."

Insuresupermarket points out that along with new schemes, taking out less cover allows younger drivers to get on the road more cheaply, with third party cover costing around ten per cent less than fully comprehensive car insurance.

The price comparison service also provided a series of tips for young drivers shopping around for car insurance.

Insuresupermarket recommends that drivers:

• Think about adding a parent to your policy - as this can reduce premiums by around 10-15 per cent
  
  
• Consider paying a higher than standard excess
  
  
• Install extra security. Thatcham approved alarms are recognised by all insurers and most will discount your premium if you have these fitted
  
  
• Shop around. The Association of British Insurers states that the average customer can save 35 per cent on their insurance premium by simply comparing several insurance companies against each other
  
  
• Check whether there is an extra cost incurred to pay your premium monthly; if so, ensure you compare this new total premium with other options before you buy
  
  
• Give an accurate estimate of your mileage - if you do very little mileage each year then tell your insurer
  
  
• If you have a garage then use it, as this will reduce the risk of theft and therefore your premium

Source - http://www.myfinances.co.uk/car-insurance.htm

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