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Young Drivers Insurance ReviewYoung drivers insurance is expensive and increasingly more costly as major car insurance price increases disproportionately effect young drivers in view of their higher risk.Young women, that until now have been treated separately to young men, will see their car insurance premiums rise substantially following a European Court of Justice ruling that disallows gender discrimination in determining the young driver's insurance premium, a ruling that will take effect from 21 Dec 2012. The more that young drivers insurance increases in price, the more that young people are anxious to do all that they can to reduce costs. Many, with their parents' agreement, will allege that they are a second driver to their parent rather than the primary driver, a process known as fronting. However, the insurance industry is clamping down on fronting, with the help of the Insurance Fraud Bureau, rendering it much more likely to be detected. If fronting is detected before or at the point of processing a claim, no payment will be made as the fraudulent application invalidates the cover. As we've reviewed before: Car insurance fraud: Witholding license points or past claims, it's no longer possible to withhold other information when applying for young drivers insurance as the insurance companies are checking the relevant databases to find out for themselves whether you have previous claims or points on you license. Some seeking young drivers insurance consider taking out third party only cover. This is never a safe choice as the driver and his passengers are not covered for personal injury in an accident for which he is responsible. Further, as those choosing third party cover are a higher risk group, a comprehensive young drivers insurance policy can generally be found at lower cost, for example, via a price comparison site. We do not advise routinely increasing the voluntary excess when buying young drivers insurance. In some cases this can even incrase the cost, while, even where the premium is reduced, the reduction is usually very minimal with the effect that is usually wiser to accept the policy excess 'as is' and to not add to this cost in an accident. Of course, it makes sense to make pragmatic choices about must-have policy features for young drivers insurance. Budget policies, as found via price comparison sites, do make sense for the young driver. The young driver specialist, Endsleigh, should also be checked as, in our view, they generally offer the best balance between economy and an acceptable level of cover. Given the high cost of young drivers insurance, it is tempting to omit legal cover but, owing to pending legislative changes that will alter how injury lawyers are remunerated, this is a risky choice that could leave the young driver £100,000 less well off. Other strategies to cut the price of young drivers insurance include finding a car insurance company that deploys in-car telematics monitoring to calculate the premium according to how safely you drive such as the Co-op; attending advanced driver training like the Pass Plus scheme which many car insurance providers support via a lower premium; enhancing in-car and external security via an immobilizer or additional Thatcham-approved security systms in addition to parking the car off-road, locked up or garaged; capping the annual mileage if relevant; including someone aged over-25 as a second named driver; avoding cumstomization of your car which could push up the price of your car insurance; buying via a single payment rather than monthly that may increase the cost by over 10% and buying a low car insurance group car (like a Corsa or one of these cars). Gving some thought to buying a more economic car may be necessary. To reduce your risk behind the wheel and to build up your no claims discount year by year, it makes sense to increase your awareness of risk factors for young drivers which we have laid out in our article on teenager education: Young drivers: Teenager Education. Research has shown that the most important safety choice a young person can make is to pay full attention to the road at all times and to drive within the speed limit with an awareness of the road conditions and his own level of driving skill. |
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