Young UK drivers have been advised that the sooner they climb onto the car insurance ladder, the sooner they will start to make savings on their car insurance premiums.
According to the British Insurers Brokers' Association (Biba), while opting to be a named driver on a parent's insurance policy rather than taking out full cover in their own right may be cheaper for young drivers in the short term, they risk losing out on benefits in the long term.
Elaborating further, Graeme Trudgill, technical services manager at Biba, outlined that after a year of safe driving with their own insurance policy, young adults can expect a 30 per cent discount on their original fee.
Moving on, a further 40 per cent can be saved after a second year with no claims, a discount of five per cent is usual after a third year, 60 per cent after a fourth and 65 per cent after a fifth.
"The crunch ages are 21 and 25 that's when prices do reduce dramatically, 17 is very expensive, if you're 18 you'll get a discount, if you're 19 you'll get a further discount because at least you've got a year or two years' experience," he commented.
"All the time you've had your licence for less than one year you'll find that your excess is probably higher so once youve passed your test and you've been driving for a year on a full licence then you should notice that your insurance is getting cheaper because of that."
In addition to this, Mr Trudgill also advised that savings could be made on car insurance by people who had recently passed their test if they opt for a "sensible" choice of car.
Too often young drivers can be seen in a fast, sporty car model which carries greater risk not only to the driver but also to other cars, he says.
Meanwhile, modifications - such as alloy wheels - to cars should be kept at a minimum, Mr Trudgill concludes, as these also raise the insurance premium and are considered an "insurance nightmare".
© 2007 Adfero Ltd
