Whether you are a young driver yourself or have a son or daughter who is, you cannot fail to be aware that their car insurance premiums are extremely high. In many cases, the amount that the car insurance company require in premiums can even be more than the monthly repayments on a car loan.
The younger driver is faced with higher car insurance premiums
This can lead the young driver either to dispense with running a car and using alternative forms of transport such as the bus, train or a lift with mum or dad or to “bite the bullet” and still buy a car and insure it.
If the latter option is chosen it is imperative that you shop around to try to get an affordable premium but at the same time make sure that the cover you choose is suitable for your requirements. There may be some car insurance companies that favour young motorists with lower premiums so it could pay to spend some time doing some research such as through the Internet.
But, should young drivers pay more for their car insurance? Well, with one breath, yes they should as statistically a young motorist is more likely to have an accident than a 50-year-old experienced driver. However, is it fair to “pigeon hole” all young motorists and charge them very high premiums? After all, there must surely be very careful young drivers on our roads as well as a few “boy racers”.
Well, one way of identifying a careful young driver is with Telematics (Black Box) car insurance. This is a device that is fitted inside the car and monitors various aspects of driving such as the time of day or night the car is being driven, where it is being driven, speed, cornering and braking to name but a few. The car insurance company have access to this data and base their premium that is reviewed every few months on the driving habits of the motorist. This type of cover is growing in popularity and is now offered by a number of the major insurers so may be worth considering if you are a young motorist.
We hope that the above is helpful but welcome your thoughts.
