How long is a piece of string? That is probably a very similar question to that about the cheapest car insurance for young drivers. Disappointing as it may sound, the most honest answer is that it all depends.
You should note that what you consider to be the cheapest young driver insurance may be different to that of a friend in a similar situation. So, what one person thinks is a cheap policy could be viewed as expensive by another. It depends on your own unique circumstances and needs.
That said, some of the following considerations will influence the cost of the cover:
- the make, model, age and performance of the car you want to drive – generally summed up in the particular insurance category relevant to that vehicle;
- the level of insurance you intend to arrange – third party only, third party fire and theft or comprehensive cover;
- the amount of excess to which you are prepared to agree – bearing in mind that any policy for a young driver is likely to attract a relatively high compulsory excess;
- the type of cover you arrange – whether your policy involves installing a “black box” for telematics monitoring, for example; and
- above all, of course, it is likely to depend on exactly where you are looking for the cheapest motor insurance to suit a young driver.
And that is just where we at GSI Insurance might hope to step in. Our guide to motor insurance for young drivers helps point you in the direction you might want to go in your quest for the most cost-effective cover.
The guide has a host of information about some of the latest developments and technology available to insurers of young drivers – such as the monitoring of their driving hours and performance through on-board telematics devices or “black boxes”.
Why are young drivers singled out for such special treatment?
Because special treatment typically translates into higher premiums for insurance for young drivers, it is reasonable to ask just why young drivers are singled out in this way.
The answer, of course, lies in the copious evidence of the perils posed by those who are new to the challenge of driving safely, without injury and without damage to the vehicles they are driving.
A major study by the RAC Foundation, for example, asserts that younger drivers are “heavily over-represented” when it comes to fatalities from accidents on the country’s roads. This represents an enormous emotional cost on the families and loved ones concerned, but also a heavy financial cost for the insurers of those same young drivers.
But the same report also highlights just how dependent we all are on the use of a motor car – and this includes young drivers who are as legally entitled to drive as the rest of the population.
In Britain at the moment there are some 35.2 million individuals qualified to drive and holding the necessary driving licence. This represents 72% of the population who are old enough to hold a driving licence – a significant majority of the population in other words.
It reflects the fact that an estimated 90% of all passenger journeys are made by road and the fact that 75 out of every one hundred families own or have access to at least one car or van.
It is inconceivable, therefore, that young drivers should be denied the opportunity to begin a driving career likely to be an essential part of their adult lives.