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Car Insurance On The Rise For Young Drivers

motor insurance17 year-olds who have just passed their test are facing the reality of car insurance costs - the cost for insurance is now overtaking their budget for the vehicle itself and the insurance combined.

Not many people passing their driving test at 17 will be lucky enough to find the funds for the insurance and those that do are ending up having to drive a much worse vehicle than that one they had planned. Voucher and discount code site Vouchercloud conducted a survey asking people what they paid for their insurance after passing their test and getting their first car and the average number was £1,764.

Matthew Wood of Vouchercloud said: "The cost of car insurance is increasingly more expensive for first time drivers and those that are under the age of 25. It's so expensive that they're often left with almost no money at all to purchase the car itself."

However, it's not all doom and gloom. There are a number of techniques that you can employ to lower the cost of your car insurance. For starters, you can look at group savings. Cars are grouped from 1-50 based on their power and how safe they are along with their cost. You can check out car insurance groups here. You can also take advantage of technology to lower the cost of your insurance. You can have a telematics GPS box fitted to your car that monitors your driving and sends alerts out for dangerous driving - this can save you up to £170 a year. The second piece of technology is a dash cam which can cost as little as £50 and save you up to 12.5% overall.

The main thing people do these days before buying insurance is to compare quotes online to find the cheapest one. You can enhance this effect by using a cashback service (such as TopCashBack) once you've found the quote instead of using the comparison site directly. This could get you up to £120 back for free.

James Savery, 21 May 2015

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