Insurance companies tend to view younger drivers as a greater risk on the roads due to their lack of motoring experience. This is based on the general consensus that younger drivers are more prone to accidents than older drivers and, since premiums are determined by the level of risk involved insuring you, most insurance companies will charge drivers under 25 higher premiums.

What can you do?

Insurance is essential, even if you are a great driver. If you are involved in an accident and damage another car, you could end up paying thousands in legal claims. If your vehicle is stolen, or written off, you will not receive any compensation. The good news is that there are measures one can take to save money, you just need to be aware of how premiums are affected.

Third party insurance

This is not the same as comprehensive insurance cover and it offers very basic cover however, if you cannot afford insurance, then at the very least, third party cover is an option.

Basically, if you were involved in a collision and were at fault, third party insurance will cover you for these costs.

Insurance with your parents

It may be a cheaper option for parents to add you to their policy. It is not uncommon for families to do this as insurance for a family with a driver under 25 could still be cheaper than a young person having to pay their own insurance premiums.

It is important for parents to notify their insurers that their child is driving. This will affect their monthly premiums and there may be an age excess involved however, it is still better than no insurance.

Do your homework

When it comes to insurance, it pays to do some research and to shop around and compare quotes and options available. Always ensure you read over the terms and conditions of your policy and, before committing to anything, make sure it suites your specific needs and budget.

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