So should you hang up your driving gloves until you turn 25 are or there ways to reduce the cost of car insurance for young drivers?
The Good News
The good news is - yes there are some ways of reducing the cost of insurance even for teenage drivers. The costs of car insurance for young drivers are based on statistics that show they are the most likely to be involved in accidents. Generally this seems to be due to lack of experience and over-confidence.
Insurers themselves admit that they are less than willing to offer insurance to those under 25 simply because of these facts. However, as young drivers are increasingly finding themselves priced out of the market, insurers are trying to find ways to help to reduce the cost.
One of these methods is the introduction by some insurers of a smart box system that can be fitted to most models of cars. The box monitors the skills and speeds of the driver and for good drivers it can mean car insurance costs are slashed. Not available from all insurers as yet, it does seem likely that most will begin offering the scheme in the coming months.
The Good News
The good news is - yes there are some ways of reducing the cost of insurance even for teenage drivers. The costs of car insurance for young drivers are based on statistics that show they are the most likely to be involved in accidents. Generally this seems to be due to lack of experience and over-confidence.
Insurers themselves admit that they are less than willing to offer insurance to those under 25 simply because of these facts. However, as young drivers are increasingly finding themselves priced out of the market, insurers are trying to find ways to help to reduce the cost.
One of these methods is the introduction by some insurers of a smart box system that can be fitted to most models of cars. The box monitors the skills and speeds of the driver and for good drivers it can mean car insurance costs are slashed. Not available from all insurers as yet, it does seem likely that most will begin offering the scheme in the coming months.