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Car Insurance is Expensive – £17,325.54 for One Year! July 28, 2010

A story appeared at the Mail Online earlier today about a student about to turn 17 and trying to insure his car.

He was quoted up to £17,325.54 for cover for 1 year!

This seems a bit steep especially as the Vauxhall Corsa he bought only cost £2,000 meaning he would have to work flat out in a good job all year in order to afford to insure his car – and that doesn’t take into account any running costs…

Although it seems completely insane to charge these premiums, there are a number of factors here:

  • 17 to 20 year old male drivers are 10 times more likely to have a serious injury or die while driving than older drivers
  • 1 in 5 young drivers has a crash within 6 months of passing their test
  • The insurance industry has been hit by rising numbers of claims and fraudulent claims which all increase the base cost of car insurance

So, how do young drivers get cheap car insurance?

In the current economic climate, there are things you can try in order to keep premiums down:

  1. Visit comparison sites like Quotezone to get the best deal for your car insurance
  2. Complete the pass plus course as there are insurers and brokers who have deals where pass plus acts like having a 1 year no claims bonus or no claims discount.  Again, these factors are taken into consideration by quote comparison sites like Quotezone but you can ring brokers directly if you really need to

So there you have it.  2 ways to reduce the premium paid for your car insurance – hopefully you will have more luck finding cheap car insurance than the poor guy in the story

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Car insurance advice? July 29th, 2010

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