Young drivers’ insurance – Money Advice Service

Whilst your car insurance may seem expensive to begin with, it’s nothing compared to what it will cost you not to have it.

The Money Advice Service is set up by government and offers free and impartial advice, tips and budget planners for all life’s money matters . We’re here to help you make better financial decisions.

TRANSCRIPT:

So you’ve passed your test, you’ve chosen a car, and now all you need is insurance!

If you’re driving without car insurance then you’re breaking the law.

You could have your vehicle confiscated, be issued a penalty fine, and have to pay to have your car released.

What’s more, if you’re uninsured and have an accident, you’ll be liable for the cost of everyone else’s injuries, their damages, compensation and repairs, even if the accident wasn’t your fault.

You will lose your licence and may lose your job because of this.

So whilst your car insurance may seem expensive to begin with, it’s nothing compared to what it will cost you not to have it.

Other than your age, there are other factors to be aware of that determine your insurance premium, such as your choice of car, your job, how much you drive, and where you live.

The good news is that as you get older, the cost of your car insurance will drop significantly.

Insurance firms are starting to offer a driving black box for young drivers.

It records how safely you drive and your style of driving, to help reduce the cost.

There are a lot of online car insurance sites out there offering very competitive deals.

However, some of them are a little bit too good to be true, so you need to be careful to avoid being scammed.

We recommend using a price comparison site or, even better, a broker.

And remember that it’s always worth having a go at haggling the price down once you’ve got a few quotes to compare.

You could end up with a much better deal than you anticipated!

Read more on our website.

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