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Cost of new driver insurance for popular first cars doubles5 July 2011by Donald MacKenzie Price comparison site Confused.com has reported their best prices for car insurance for this year's ten most popular new driver cars. The cheapest new driver car insurance price (for a Fiat 500 Pop) was £1,786.60 compared to £894 last year (for a Ford Ka). There has also been a change to the top cars favoured by new drivers. The best deals for new driver car insurance according to the top 10 car models for this and last year were as follows:
From these figures, it can be seen that a newly-qualified driver can expect to pay around £2,000 to insure a new small hatchback. Last year, their car insurance premium would have been closer to £1000 in most cases. This year, the most popular car, the Fiat 500, was also the cheapest to insurance, an indication that young people are increasingly taking account of the cost of car insurance in making their car choice. The popularity of the Fiat 500 with driving schools would be another reason for its popularity with newly qualified drivers - they are familiar with the car and used to its handling. While the above-quoted premiums are an indication of what a newly-qualifed driver should expect to pay for car insurance for a small hatchback, as these are the cheapest prices identified by the Confused.com system, they will be associated with relatively 'no frills' cover and may have a high excess. Many drivers may elect to pay a bit more for more inclusive cover than the cheapest policy identified by a price comparison system. Obviously, the above makes depressing reading for the young driver struggling to afford to run a car. The high cost of fuel and of car insurance is already significantly reducing the numbers of young people able to run a car. Worse, costs are set to rise still further and are likely to continue to increase above inflation year after year. Of course, price comparison sites help drivers of all ages to reduce the amount they pay for car insurance and they are especailly effective at reducing costs for young drivers where savings of over £500 on their renewal quote are possible. While most people do consider policy features when buying car insurance rather than simply looking at the price, they still tend to allow price to feature prominently in their choice of policy with the majority, according to BIBA figures, reducing their level of cover when they renew to try to reduce their motoring costs. It is wise to have a clear view of your essential policy features and to not deviate substantially from this when buying even if it results in a slightly higher premium. That said, the young driver needs to be mindful of the cost of being over-inclusive in his choice of policy when a more 'no frills' level of cover may be adequate. The key is to take enough time to ensure that you are not buying relatively 'blind' to the associated cover as, when using price as the main determinant of policy choice, it is common to buy cover that is sub-optimal for the typical needs of most drivers. |
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