New data from price comparison experts shows that young drivers’ insurance premiums have fallen to their lowest level this year. Experts analysed monthly insurance premiums for 17 to 24-year-old drivers, with the most recent figures showing that premiums are the cheapest they’ve been since the start of the year.
For the first time in 2024, the average annual policy has dropped to £2,901, over £150 cheaper than the highest premium of £3,055 recorded in February.
However, this slight decrease is a welcome relief for young motorists and their families, who have traditionally faced higher premiums due to perceived risk factors associated with inexperienced drivers.
MONTH |
17-24 |
Jan-24 |
£2,951.58 |
Feb-24 |
£3,055.66 |
Mar-24 |
£3,006.11 |
Apr-24 |
£3,024.19 |
May-24 |
£2,901.91 |
Average annual car insurance premiums per month
With the added costs of learning to drive and buying their first car, many drivers can’t afford to get on the road after passing their test, and of those who are driving, 25% are considering quitting due to rising costs.
To keep the insurance costs down, drivers are encouraged to compare quotes from different providers, pay annually if possible, improve vehicle security and add an experienced driver to the policy.
Quotezone.co.uk CEO and car insurance expert Greg Wilson said: “Young drivers usually have to pay more for their premiums as they have less experience – something insurance providers use to base their risk analysis on and determine costs. However, our most recent data shows a welcome saving for 17 to 25-year-olds.
“Whilst there’s no guarantee that these premiums will continue to fall, it’s certainly a step in the right direction.
“Our tips could also help young drivers look at their insurance policies and explore where they can find savings. Simple tweaks such as job title, the time you purchase and how you pay can all help cut costs.”
Savings experts at Quotezone created a complete car insurance index of average premium prices across all age ranges throughout the UK in 2024 to help drivers review and find savings.
Here Are Quotezone.co.uk’s Top Tips to Help Young Drivers Cut Insurance Costs:
-
Check Your Vehicle Use
Premium prices can vary depending on your use of the vehicle. It may work out cheaper if a driver is using it for ‘social only’ purposes rather than for ‘social and commuting,’ so check how the options affect the price and consider if you can make any changes—just be careful that all changes are accurate and reflect how you use the vehicle.
-
Check Your Job Title
Job titles often affect the overall premium price. A tweak to your title could help you reduce your premium, so try quoting with variations. Ensure the title is accurate and describes your job; incorrect information could invalidate your insurance.
- Review Renewal Date
The sweet spot for renewing a car insurance policy is 15 to 24 days before the policy is due to start, as data reveals drivers purchasing during this time save themselves an average of 33-45%.
-
Opt for a Smaller Engine
Be sure to check your vehicle’s engine size and horsepower. Both can impact the cost of your premium. Also, some small engines are turbocharged, which can give them more power than expected, likely increasing the premium.
-
Park in a Safe Place
If possible, drivers should use their garages, driveways or carports for overnight parking. This can keep premium costs down because the safer you can keep your car, the cheaper it is to insure, likely a reduction of at least £140 if you can move your vehicle from the roadside to a private driveway overnight.
-
Opt for Telematics or a Black Box
A telematics policy or black box insurance starts collecting driving data immediately, which can help the insurer with risk analysis. This way, young drivers can demonstrate their safe driving and increase their chances of getting a competitive premium.
-
Pay Annually
If you can, it’s best to pay the annual premium all in one go to knock cash off your policy. Paying annually is usually cheaper because there is no interest to pay.
-
Add Another Driver
Adding a low-risk driver to your policy could reduce the premium costs, especially if the other driver is experienced and has a clean record. Just make sure the main driver is the one who drives the car the most, or you could be charged with insurance fraud.
-
Improve Vehicle Security
Improving the vehicle’s security by fitting anti-theft devices or dash cams can help drivers get cheaper premiums. It’s worth getting the policy quotes first to consider whether the savings justify the extra cost of the devices.
-
Shop Around
Never let a policy auto-renew. Even if your provider was your cheapest option last year, it doesn’t mean they will be the most affordable this year. Always shop around, compare insurance products, and don’t be afraid to switch providers. It’s an easy process that could lead to substantial savings. Comparison sites are ideal ways to find better-quality products and more competitive prices.
Comments are closed.