In one case highlighted by the Mail Online, a young driver was given an estimated quotation of £17,000 in order to get insurance cover on his Vauxhall Corsa – hardly a Ferrari now is it!
I do recall when I was first learning drive, the hassle of being added as a named driver, not having my own car, the costly insurance… The costs of course all went up as soon as I passed my own test, bought my own wheels and had to take care of everything myself! So, why does this happen? Why is it that young drivers face massive costs? It’s all down to the fact that younger, inexperienced drivers are statistically less safe, or more likely in real terms to be involved in a road traffic collision.
What I’d suggest is that you buy a car from the lowest insurance group possible and start building up your own no claims. The car you do buy should be reasonably old, so it doesn’t have a high residual value. On top of that, consider getting third party cover only (make sure you could afford to buy a car again if you do this) and take a higher excess. All of this will help to bring down your premium cost. Oh, and try not to get any speeding tickets!
I was driving for only 18 months when I applied for insurance on a insurance group 4 Renault Clio at which point I got a quote for £2,900 now this doesn’t seem much but I am 27……