It now Costs over £6,000 to become a New Driver

Many if not all motorists yearn for the day to take the wheel legally, but recent reports indicate that the costs of ditching the “L” plates are a staggering £6000 at the least. GoCompare, a leading price comparison website claims that the costs associated with becoming a new driver has increased by almost a fifth in the past five years. Adding to this, a survey of parents of young drivers indicates that the cost of buying a first car is somewhere in the range of £4000 and add to it another £2300 in insurance costs.

That’s not all; a young driver must save up or be able to afford £480 just for driver’s lessons alone. Even though, most parent’s aid with the initial expenses associated with becoming a young driver, it is far from cheap for the average parent. And although as mentioned earlier, the costs of buying a first car is around £4000, many young drivers will find that the cost of their first year of insurance is more than the value of the car itself. This is why it is imperative to look at other options such as Third PArty, Fire and Theft insurance or motor trade insurance if applicable.

In terms of numbers, the average premium for young drivers currently ranges from £2000 – £2500 per annum and that’s for an economical four wheels. So the fact that young driver car insurance is downright expensive is rather discouraging for young drivers looking forward to getting behind the wheel. On a brighter note, the average cost of insurance for young drivers has plunged in the last five years, where some insurers charge more than others. Experts claim that even though insurance costs for beginner drivers are steep, there are a few ways in which they can lower their insurance premiums.

The first thing to do is choose the car wisely as it is the biggest factor that governs the cost of insurance premiums. Although it may be tempting, steer clear of cars that are modified because the slightest amendments can increase young driver insurance premiums by hundreds of pounds. Apart from getting a learner license, getting an extra qualification is highly recommended. One such accepted training course is the Pass Plus Scheme that takes around six hours to complete.

With regards to payment, paying for the full year rather than monthly is appreciated by insurers, and by taking this route you will also eliminate monthly interest charges. Other ways to save money on young driver car insurance are by increasing your excess, adding an adult named driver to your policy, and carefully choosing the level of car insurance. There’s no getting away that the cost of young driver insurance is up the roof, but there are ways to lower it to a number you can live with.