Getting your first car insurance policy can come as a surprise. After all, you might have been on your parents’ insurance first. The quotes you receive as a young driver are often shockingly high. Providers of specialist car insurance are starting to produce plans that are built to combat this. This brings up another question – are any policies for young drivers fair?
What Makes Young Driver Insurance Expensive?
Learning to drive is a process of mistakes. For most of us, you can’t learn without getting at least one thing wrong at some point. Unfortunately, if you aren’t a very experienced driver, those mistakes are likely to be costly. For young drivers, the risk is simply higher than for almost anyone else. To counter this, insurance companies are forced to charge you more.
Is This Right?
While insurance companies do have a point to their higher costs, it is easy to see why young drivers are frustrated. People have to learn how to drive at some point, and how are they supposed to do it without insurance? This is why some insurance companies are starting to plan their policies around the people who need them.
What can be Done?
Some companies, such as ingenie, are starting to offer insurance specifically for learners and young drivers. With policies such as this, they can insure young drivers up to the age of 29 through their period of learning. These policies cover practice sessions, driving lessons and taking tests in someone else’s vehicle. They are built specifically to protect things such as no claims bonuses and excesses.
Will This Change Anything?
It depends how successful specialist young driver insurances are before we can predict their future. If car insurance companies find young driver insurance to be profitable, they will likely offer it. The growing use of apps which monitor the safety of young drivers is driving this change. If enough people successfully use their safety monitoring apps, then more insurers will provide the policy.