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Proven ways to lower car insurance for young drivers

According to industry figures in 2008, young drivers suffered an 11.5 per cent increase in their car insurance premiums. The average cost of insurance for young drivers according to figures from the Co-Operative Insurance Society in February 2009 stood at £1,463.

There are now warnings that this rise in premiums could lead to an "uninsurable generation". So what can be done to keep premiums manageable?

Why are car insurance premiums so high for young people?

The reason young drivers face such astronomical premiums is due to some startling accident statistics. Brake Research in 2007 found young drivers account for more than two in five road deaths despite holding just one in eight driving licences. More recent figures from the Association of British Insurers found 18-year-olds are more than twice as likely to make an insurance claim as someone in their 50s. Indeed according to Norwich Union claims statistics in February 2009, there are usually no other vehicles involved in accidents involving young drivers meaning they are likely to be a consequence of driver error.

As a result some insurers refuse to offer quotes to young drivers altogether.

How can young drivers lower their car insurance premiums?

Here are some top tips to bring premiums down:

- Before you buy:
Think about your vehicle choice and pay attention to the car insurance group it fits into. Car insurance groups run from 1-20 or 1-50 depending on the insurer (all insurers are required to revert to the 1-50 system by December 2009). The higher the insurance group, the higher the premium - this is based on the new car price, vehicle performance, parts pricing and a vehicle`s security levels. When you`re shopping around for your first car it`s best to keep your choice as conventional as possible with a small engine. Look for cars without modifications.

- When you`re a learner:
Consider taking out specific learner driver car insurance if you don`t have a regular car. This allows you to insure any vehicle just for the period you need it, which can be as short as a week.

- 17-year-olds and new drivers under 25:
Once you`ve passed your test ask your instructor about the Pass Plus. Though this typically costs more than £100 to complete, it provides vital experience in motorway driving, city driving and other scenarios you may be unfamiliar with. This added experience is recognised by a number of insurers with discounts potentially as high as 25 per cent. It`s worth investigating how much you could save before booking the course, however some local authorities will contribute towards the cost.

- Choose the right level of cover:
Drivers under 21 should consider third party and third party fire and theft policies if they are driving inexpensive vehicles. Comprehensive cover may cost more in a year than the vehicle is worth.

- Add a parent to a policy:
Any driver under the age of 21 should consider adding a parent to a policy as a named driver. Their experience (assuming they have a good driving record) can reflect well on you and reduce your premiums. However, never ask a parent to front a policy for you as this is illegal.

- Improve security:
Insurers lower premiums if your vehicle has a reduced theft risk. So consider investing in security improvements, and park in a garage overnight. Your insurer should be able to recommend money-saving devices.

- Rapid bonus schemes:
Several insurers now allow young drivers to earn a full year`s no-claims discount in nine to ten months.

Due to the high costs of young drivers insurance it`s vital to shop around before you buy - so remember to compare quotes with a comparison website



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