An industry insider reveals a single method that can save hundreds of premiums as policy costs soar
Young drivers are facing rising car bills as car insurance costs start to rise.
However, the costs for younger drivers are far higher, with drivers aged between 17 and 24 typically facing bills in excess of £1,000 a year.
According to figures from Compare the Market, which are based on estimates rather than ABI’s method of using actual policies, the average 17-24 year old pays £1,489 a year to insure their car, more than triple the national average .
However, the comparison site’s car insurance expert, Julie Daniels, has revealed that drivers could save more than £350 simply by adding another driver.
Young motorists who add another nominated driver to their policy save an average of £368 compared to those who are the sole driver, according to the website’s data. That brings the average premium to £1,121.
Julie said: “The cost of living crisis and rising fuel costs mean many people are struggling to stay on the road. Insurance costs can also be prohibitive for young drivers. Adding an experienced named driver to your policy is important and a legitimate way to cut costs as long as they drive the car too. Our figures show young drivers could save over £350 on car insurance by adding a parent or other experienced driver to their policy.”
The method does not work if you add an equally young or inexperienced driver, but adding a more experienced driver, e.g. B. a parent, can be helpful. However, it is important that families are honest about who will actually be driving the car, otherwise they risk committing an insurance fraud known as fronting, which can have serious consequences for both drivers.
Fronting involves designating an older, more experienced motorist as the primary driver in a policy when, in fact, the less experienced person is doing most of the driving.
If a young driver is caught driving front-end, his policy could be voided and he could be prosecuted.
Julie added: “It is important that any information you provide to your insurer is correct. Young drivers should be careful to avoid frontal drives as they could land their parents with a criminal record, an unlimited fine and six penalty points.”
While young drivers always face higher insurance bills, there are other tricks to reducing insurance costs, which you can read all about in our guide here.