New drivers have been issued an important money saving tips for car insurance.
This comes as driving and owning a car has become more expensive with the cost of fuel still high and experts also warn that MOT charges could also jump up due to a demand. Compare the market has also found that car insurance also has risen in price over the last 12 months.
Young people, aged between 17 and 24, could save an average of £368 on their car insurance by adding an experienced named driver to their policy. The new research from comparethemarket.com reveals the average premium for a young driver is £1,121 if they have an additional named driver on the policy.
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However, without any other named drivers on the policy, the average premium for a young person is £1,489. It is important to note that all named drivers do need to drive the car for the policy to be valid.
In the past year, the cost of car insurance has increased by an average of £142 for young drivers. A typical policy now costs £1,245, compared to £1,103 last year.
Car insurance premiums have risen due to the increased value of second-hand cars and repair cost inflation. There is also more traffic since the pandemic travel curbs were lifted, increasing the probability of accidents and subsequent claims.
Young drivers could also cut the cost of car insurance by shopping around when their policy ends. A young driver could typically save £263 by switching to the cheapest deal. Young drivers with an additional named driver on their policy could save an average of £228 by shopping around.
While young drivers can add additional named drivers to their policy to reduce the cost of car insurance, they should be careful to avoid fronting. Fronting is a type of insurance fraud.
This is when a young driver gets someone more experienced than them to be listed as the main driver on their vehicle, even though they are the one who's doing most of the driving. If a young driver is caught fronting, their policy could become invalid, and they could face criminal prosecution.
Julie Daniels, motor insurance expert at comparethemarket.com, said: "The cost-of-living crisis and soaring fuel costs mean that many people are struggling to stay on the road. For young drivers, the cost of insurance can also be prohibitively expensive. Adding an experienced named driver to your policy is a legitimate way to bring the cost down as long as they also drive the car.
"Our figures show that young drivers could save more than £350 on car insurance if they add a parent or other experienced driver to their policy. However, it is essential that all information provided to your insurer is accurate. Young drivers should take care to avoid fronting as they could land their parents with a criminal record, unlimited fine, and six penalty points.
"To help save money on car insurance, it is also a good idea for young drivers to shop around and compare policies to see if they can find a better deal. A typical young driver could save over £200 by switching. With comparethemarket.com, customers can also set up automated car insurance renewal quotes and be notified automatically, which could help find them great deals and save them money."
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