Motorists who are looking for first time driver insurance may be surprised by the price of their vehicle cover. Yet, while fees for new drivers can be expensive, those between the ages of 17 and 25 generally pay even more for their young driver car insurance quotes.
When setting the price of an applicant’s car insurance policy, insurers will normally take several risk factors into account. In the case of young drivers, insurers generally offer them higher cost quotes because statistics show they are more likely to be involved in traffic accidents and this could lead to them making a claim.
As a result, this age group may be charged more for their vehicle cover than experienced motorists, or new motorists who are over 25 years old.
In 2012, a survey released by a car insurance provider showed around 40% of young drivers had suffered a vehicle collision before they reached the age of 23. Moreover, the research showed that within two years of passing their driving test, 26% of respondents had experienced an accident.
To help these people stay safe on the roads, the researchers felt young motorists should be given more opportunities to learn and be provided with extra training before and after passing their test.
The Royal Society for the Prevention of Accidents (RoSPA), states young drivers could suffer a traffic accident due to a variety of reasons, such as:
- A lack of experience;
- Poor hazard perception;
- Peer pressure from friends; and
However, the organisation believes parents may be able to help young motorists improve their driving.
Parents and safer driving
RoSPA feels parents could help their children stay safe on the roads by letting them use their car in exchange for agreeing to certain conditions. These requirements could include factors such as refraining from driving at night, not carrying large groups of friends, adhering to speed limits, and driving responsibly.
Once an agreement has been reached, the parent should add their child’s name to their insurance policy. As a result, the young driver gets to use a car and their vehicle cover may be cheaper if they are included on a safe driver’s policy. However, parents must make sure that, as the main driver on the insurance documents, they use the car more than their offspring. Otherwise, they could be committing fronting – a criminal offence.
Alternatively, if young drivers do not want to share a vehicle with their parents, they may be less likely to suffer a traffic accident, and could save money on their car insurance, if they purchase telematics cover with insurethebox.
First time driver insurance with insurethebox
At insurethebox, we believe in giving young drivers a chance to prove themselves, instead of tarring an entire age group with the same brush.
When fitted to a car, our telematics technology monitors various aspects of the vehicle, such as its speed, acceleration and cornering. We use this data to examine how safely the motorist drives and set an appropriate price for their renewal policy. We also offer constructive advice on how they can improve their motoring skills.
Once they have been with us for 11 months, our research shows those aged between 17 and 21 are 75% less likely to cause a traffic accident than those with conventional policies.
If you are interested in our first time driver insurance, please click here for more information.