Unfortunately, youth is not on your side when it comes to buying car insurance. Even if you consider yourself to be a responsible driver, insurance companies will lump you in with all the other young drivers out there.
As younger drivers are statistically more likely to be involved in a collision, this means your insurance costs will be higher. However, there are ways to slash costs and find the level of cover you need.
There’s no simple answer to this question. Historically, third party insurance has been the cheapest type of car insurance on offer, which makes sense as it offers the least amount of protection.
While third party will cover you for any damage you do to someone else’s vehicle or property, you won’t get a single penny in financial help if your car needs any repairs.
However you shouldn’t assume third party is the cheapest – sometimes it isn’t. Insurers have cottoned onto the fact that high-risk, young and inexperienced drivers are the most likely to take out this level of cover, so prices are sometimes more expensive.
It’s worth getting quotes for the other two types of policies out there too. You might well get lower premiums with a third party, fire and theft deal or a comprehensive insurance policy.
The main reason you might buy the cheapest car insurance policy available is if it’s the only one you can afford to buy. Yet, there are other reasons.
If your car is a bit of an old banger and not worth very much, you might decide paying for a comprehensive policy is money down the drain. Although, as discussed above, comprehensive deals aren’t always more expensive.
Likewise, if you only use your car occasionally, for example if you only take it for a spin on weekends, you might decide third party offers enough protection.
Of course, anyone with a new or expensive car will most likely want to get a comprehensive policy that will cover them for any damage or theft.
The following are some of the factors that can make car insurance more expensive for one person than another:
So one way to lower your car insurance rates is to only buy the cover you need. If you don’t need a comprehensive deal, then opt for a third party option instead. Here are some other ways to lower your insurance premiums:
| Response | Under 35s | 35 and over |
|---|---|---|
| Very satisfied | 26.21% | 38.02% |
| Reasonably satisfied | 36.89% | 37.87% |
| Neither satisfied nor dissatisfied | 23.30% | 18.08% |
| Moderately dissatisfied | 12.62% | 4.48% |
| Highly dissatisfied | 0.97% | 1.55% |
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