Young drivers in the UK regularly find that after paying for expensive driving lessons and tests, it's also difficult to find cheap car insurance. This is because statistically, new and young motorists are much more likely to be involved in an accident, so insurers cover this additional risk with higher prices:
Insurers base their premiums on lots of different factors, and understanding them could help you get cheaper quotes:
- The car you’re insuring: Its age, engine size, value and average repair cost all contribute to a car's recommended insurance group. These groups influence premiums, with lower groups generally meaning cheaper quotes. You’ll find more information in our guide to car insurance groups.
- Information about you: Your age; where you live; how long you’ve been driving; whether you have any driving convictions; number of years no-claims bonus you have, and number of claims you've made are just some of the factors insurers will take into account. You’ll find more in our guide to how premiums are calculated.
- The type of cover you’re looking for: Whether that’s comprehensive, third-party, or third-party, fire and theft, the level of cover you choose will influence price. Comprehensive cover isn't always the most expensive, so check all the options before you buy.
- The level of excess you’re looking for: Your excess is the amount you agree to pay in the event of a claim, before your insurer begins picking up any costs. It’s important to remember that you should only agree on an excess that you could afford to pay after an accident.
These factors will apply to drivers of all ages. But because this information alone isn’t enough to base a quote on, insurers also have to use statistical data from all of their customers to determine the level of risk.
Industry statistics show higher accident levels among teenage and young drivers (under 25s), which means they’re generally a higher risk to insure.
It’s understood that younger drivers are involved in more accidents as behind the wheel as they’re more likely to take risks. Also with less driving experience - they're less likely to spot potential hazards.
The road-safety charity Brake has compiled some hard facts about young drivers. These include:
- One in four 18-24 year olds (23%) crash within two years of passing their driving test.
- Drivers aged 16-19 are more than twice as likely to die in a road crash than drivers aged 40-49.