Families with young drivers have big decisions to make after they finally pass the driving test. What type of car is best for them? How much will car insurance cost? What is the best type of cover to have for a young driver? These are just a few of the questions which will dominate the dinner table discussion for days to come. Fortunately, there is no law saying the young driver must hit the road in the next 30, 60, or even 90 days. Unfortunately though, there are a few things which need to be decided and one of them is part of the law – driving with car insurance. Choosing the best type of car and subsequent cover for that car will have not only a sizeable effect on the family budget, but will help shape the young driver’s ability to handle big responsibility. It is a pivotal time in a young person’s life and making good decisions now are part of building a strong base for that person’s future.
How can a person get off on the right foot driving the streets of the UK without a car? It would be an impossible feat. So the first step is finding a car or handing one down so the young driver can become a young driver and put that passing grade on the driving test to use. Choosing the best car will affect the insurance premium cost from the moment they get behind the wheel. Two variables which influence the cost of monthly premiums – the age of the driver and the type of car they are driving. The age factor is one which cannot be changed. Age is a moment in time which cannot be altered no matter how much we want it to be. The second variable, type of car, is something which is totally under our control. Many parents pass their car down to the first driver because they know the history of the car, maintenance and accidents. In the long run this usually means less risk because the car is more reliable and ultimately more durable. Sometimes, parents pass down their car because it is a great excuse for them to purchase a new car.
The main concerns for the type of car to get the young driver started on for the best insurance rates are small engines with low power and exteriors which would not take an arm and a leg to have repaired. Big engines and big, shiny exteriors mean big cost to repair for a car insurance company. These are the traits about a car which should drive the decision as to which one is best. While parents are looking for function of the car, young drivers are looking for factor, as in coolness factor. To find the car which will satisfy all desires involved takes an exercise in compromise. Any parent of a young driver can expect multiple discussions about form and function from the first moment of talking about a car. Just remember, insurance cost will be based on the amount of risk the insurance company sees not only for how much the car will cost to get repaired, but how many bad decisions that young person will make on their way to learning about consequences.
Another wise idea on the way to outfitting the young driver with a car is keeping your eyes open to see what other young drivers are driving on today’s roads. When tough economic times strike and young drivers are in the same type of car, it will likely be one which is affordable to insure.
Next is the process of insuring the person in that car. New driver insurance is where most new young drivers start. The great thing about new young driver insurance is that once you start driving and tallying time, a discount will be in your future if you are able to drive that first year with no accidents or driving tickets. Most people do not take advantage of this on renewal. Sometimes a discount of up to 30% is available for lasting the entire year unscathed. This is called a no claims bonus discount.
The cost of a new young driver insurance policy will not be inexpensive. Unfortunately, higher premium cost and young driver experience go hand in hand. Insurance companies realize there is more risk involved with insuring a young driver simply due to the lack of experience and the chance of accidents is greater. As young people grow older, premiums start to come down as the risk of accidents comes down. Statistically, young drivers are at a higher risk of having an accident during their first two years of driving than at any other time during their driving life.
If you happen to be a young male driver, don’t be shocked when getting back quotes the first time. Between males and females, males’ car insurance will be more expensive because of the additional risk a car insurance company is taking on. Males typically drive faster, drive with more machismo and try to impress whoever they are around. It is quite different with young women. Even though they get their fair share of speeding tickets and failed breath tests, young men lead the way with more accidents each year.
Get in touch with companies who specialize in insuring young drivers. Talk to your neighbours, peers with kids, and weekend social friends. The picture will get much clearer in a short amount of time as to where to get the best car insurance for young drivers.