When does car insurance go down?

If you are a young driver, the high cost of car insurance will be all too familiar to you. With premiums for those aged between 17 and 25 often reaching thousands of pounds per year, you may have heard that once you reach 25, your car insurance premiums will decrease vastly.

Unfortunately, this is a common myth. Varying factors will control the price of your insurance and below you can read some which could have an effect as you get older. So when can you expect your insurance to decrease?

When calculating a premium, insurers consider your age as a risk factor and statistically, younger drivers are more likely to have an accident. This could be down to careless driving, not following the rules of the road, or simply inexperience.

The older you get, the more experience you have, the safer statistically you will drive and the more no claims bonus you can build up, therefore the lower your insurance cost will be. There is no magic age where the cost of your insurance premiums will vastly decrease.

Lowering the Cost of Your Insurance

There are so many factors in the risk assessment of car insurance, that it’s almost impossible to cover them all. But here are some tips to bring the cost of your young driver’s car insurance down.

1. 1. Parking in a Garage – If you have a garage to park your car in, this will increase the security of your vehicle, and could lower your premiums.
   2. Your Choice of Car – The car you choose will have an effect on your premiums so it’s important to do your research before buying. Every car is sorted into an “insurance group” between 1-50. The lower the number, the lower the cost of insurance. A great example of an insurance group 1 car is the Citroen C1. An example group 50 car is the Audi A8.
   3. Mileage – How often will you drive your car? Work out your estimated mileage as your insurer will require you to specify. The difference between 10,000 miles and 15,000 miles on your premium could be vast, but if you’re only doing 10,500, don’t round it up. If you don’t drive much at all, low mileage insurance may be a better option for you.
   4. Paying Upfront – Understandably not an option for everyone but where possible you should pay for your insurance up front to cover the year. This can save hundreds of pounds on the average premium. Perhaps you could borrow some money from your parents to cover it, and pay them back monthly instead?
   5.  Black Box Insurance – The absolute best money saving measure on insurance for young drivers is telematics, otherwise known as black box insurance. A black box will measure how well you drive feeding the information back to your insurer, and if you drive well, your insurance costs could come down quickly. Certainly quicker than waiting for years to pass building up your no claims discount.

In summary, there is no magic age for a drop-in insurance premium, but the measures above are just some of the steps you can take to lower your premium in the meantime.

Call Wiser are specialists in helping young drivers find fair and low-cost car insurance. Give us a call today and one of our specialist team will assist you in getting the best deal. Don’t forget we also include free breakdown cover, legal cover, mobile phone and gadget cover, handbag and wallet cover and even our benefit schemes including free cash back at your favourite stores meaning more money in your pocket!