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.
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.
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!
Author: Call Wiser
Call Wiser is a trading name of Be Wiser Insurance Services Ltd. Registered in England No. 6097813. Be Wiser Insurance Services Ltd are Authorised and Regulated by the Financial Conduct Authority 465471