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How Young Drivers Can Save Hundreds On Their Insurance

How Young Drivers Can Save Hundreds On Their Insurance

Owning a car is expensive - that shouldn't come as much of a surprise to anyone. Just trying to find the money to buy one in the first place can be difficult... then there's the MOT, tax and petrol to factor in.

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And it's even harder for younger drivers, who, according to reports, are being told to fork out more than £1,300 ($1,700) just to get insured.

Luckily resident money saving whizz Martin Lewis has come to the rescue and shared a few hacks for how young drivers could save hundreds on their premiums.

Speaking on his consumer programme, he said: "I've got a bag full of tricks for you. The answers often aren't common sense."

He told the audience the first thing is timing.

He said: "It's all about the date when you get your renewal - 21 days beforehand."

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The Mancunian pointed out that the cost of insurance drops from 35 days to 21 days before the start date of the cover, but then rises again after.

Money expert Martin says young drivers can save hundreds by following just a few tips. Credit: PA
Money expert Martin says young drivers can save hundreds by following just a few tips. Credit: PA

He added: "It's not exact for everyone, but it shows how timing it can make a big difference for everyone

"When it comes to car insurance, be the early bird who catches the worm."

But that's not everything, Martin said insurance can be a bit confusing and one other simple trick is to go for 'comprehensive cover' and not 'third-party fire and theft'.

He says by going for the first option, companies will see you as less of a risk.

But there is still more you can do to save some valuable cash.

Martin said: "Adding an extra driver can cut your costs - it's especially useful for younger drivers."

One driver told the 46-year-old presenter that they had saved £500 ($650) with this simple trick, alone.

According to reports, young drivers are having to pay out £1,317 on insurance premiums. Credit: PA
According to reports, young drivers are having to pay out £1,317 on insurance premiums. Credit: PA

But he also said to make sure you are the main driver and not them - 'fronting', as it's known, is illegal.

This may come as a bit of a surprise to some but your job can also see your premiums go through the roof.

Martin said: "Tweaking your job description can change costs."

For example, one viewer said they saved hundreds of pounds by switching their role from artist to illustrator.

But don't be daft - if you're a builder but you put yourself down as a teacher, there's a high chance you'll be caught out for committing fraud.

One of the best ways to save money is how you choose to pay for your cover.

Martin says if you can, pay annually rather than monthly - which can see as much as 30 percent added to the overall cost.

He said: "Car insurance paid by the month is a loan. Pay it up front, in one go."

Happy motoring.

Featured Image Credit: PA

Topics: News, uk news, Interesting, Cars

Dominic Smithers

Dominic graduated from the University of Leeds with a degree in French and History. Like you, Dom has often questioned how much use a second language has been. Well, after stints working at the Manchester Evening News, the Accrington Observer and the Macclesfield Express, along with never setting foot in France, he realised the answer is surprisingly little. But I guess, c'est la vie. Contact us at [email protected]

 

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