High Risk Drivers See Sky High Premiums

Sky high premiums for young drivers

Everyone is excited when they first get their driver’s license.  Young drivers wait anxiously for the freedom to no longer rely on their parents for rides and the excitement of the open road, but rarely do young drivers consider the other side of this equation – insurance.

New drivers are subject to extremely high insurance premiums (although some specialist insurers can help click here) largely based on statistics that reveal this group of drivers to be most likely to make a claim. These statistics also suggest that new drivers are at high risk of having an accident during their first year on the road. These facts become even more relevant for new drivers under the age of 21 with males being higher risk than females. Sometimes these insurance premiums can be so significant that they end up being more than the value of the car you are driving, in which case you can count out the idea of getting a private plate for your new motor.

The good news is that young drivers can take steps to remedy these steep insurance prices. What some new drivers may not know is that insurance companies classify cars into specific groups, with some varieties corresponding to lower insurance rates. Drivers should resist the temptation to alter their cars by adding spoilers or larger engines, as these types of changes can also increase insurance premiums. Another way for young drivers to save on their premiums is to insure themselves on their own plan rather than their parents as this allows young drivers to build up a no-claim history which can lead to significant discounts on premiums over time. There are also some specialist young driver insurance companies.

There are several insurance providers out there so it’s extremely important to shop around before you decide to buy. Young drivers need to take special care when deciding on their car insurance as there are several add-ons and stipulations that can lead to skyrocketing premiums but which can also be avoided.