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For a while I have been looking into finding the cheapest car insurance I possibly can as a first time driver. I thought it would be useful to many people if i put the information I found onto one page. So here it is!
The first thing that is important to think about is do you need a car now? Many first time driver are ages 17, while some cars that are sold come with free car insurance! however this is only available to over 18 year olds. So if you can put off buying a car for a little while until you turn 18 you could save a lot of money and get a nicer car out of it!
The smaller the engine the cheaper the car insurance will be. 1L or 1.2L is the area your should be aiming for. This is because the larger the engine the faster your car will go and the more likely you are to have an accident. Should you go that fast, the insurance companies are less likely to insure you. Smaller engines will be strained by higher speeds but if you stick to the speed limits you wont need the extra MPH anyway.
A few extra things to look out for would be 3 doors are cheaper than 5. The less miles you do that cheaper it will be. Paying annually is cheaper in the long run than monthly.
A higher excess also takes down the cost, usually around £200 – £250 is where the decrease in premiums peaks. The insurance excess is the amount of money you will pay if you have an accident. So if your car crashed and the repairs cost £500 and you had an excess of £200. You would pay the first £200 and the insurance company would pay the rest, £300.
The nest big thing to reducing car insurance costs are the black box. These basically record things such as speed, acceleration, miles traveled etc. The majority of new drivers are now opting to have a black box because it can knock thousands of pounds off your insurance cost.
However a major downside to this is the likelihood of begin paid out should you have an accident. If you are doing a single thing wrong in your crash, maybe accelerating too fast or turning too hard, you could find yourself not getting paid out. Regardless if you are a careful driver you could get “quarterly cash rewards” and a chunk of cash to spend on anything other than insurance.
Older cars tend to be more expensive to insure than newer cars but will obviously cost less. If you can afford it buy a newer car. They tend to have cheaper insurance because the insurer will think with it being better you are less likely to be reckless. However if you buy an older car make sure it isn’t modded otherwise you could see a huge hole in your pocket pretty soon.
In the future you should do your best to maintain your no claims discount. If you do your insurance will go down very quickly and before you know it the car will cost more than the insurance.
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