Savings to be had with the bank of Mum and Dad

If you’re a young driver, you know that simply passing your test isn’t (excuse the pun) the end of the road. Cars do not come cheap, and they also come with a whole heap of expenses, such as petrol, maintenance and parking costs. But unquestionably one of the biggest costs for new drivers is the cost of their car insurance policy.

In some cases, for a newly qualified driver, it can be as much as the car itself cost to buy, easily adding over a thousand pounds to the cost to actually get on the road. 

Of course, it’s kind of understandable, but it still feels pretty unfair to hit those who are least likely to have an extra few grand kicking about with such prohibitive insurance costs, but statistics show that it is exactly those less experienced and more reckless young drivers who are most likely to be the ones actually claiming on their car insurance, or picking up points for exceeding speed limits or contravening red lights. 

So, this is where adding an experienced driver can really make a difference to those excessive car insurance costs. It’s an old hack and one most people know, but it doesn’t work in all cases. For example, if the experienced driver you are adding is not living at the same address, or has points on their license then it’s unlikely to amount to any savings. But adding an experienced driver who will actually use the vehicle and has a clean license, will, by default, realise some car insurance savings for younger drivers.

Some research shows that adding an additional, experienced driver such as a parent could save as much as £478 on an annual car insurance policy for young people. 

Even for those drivers who have been qualified a while, if you are still under 24, then there are savings to be made. However, one word of caution – do not be tempted to add on a named driver who will not use the vehicle. This is known as ‘fronting’ and can be classed as insurance fraud, if it is discovered that the person in question does not have access to or ever use the car. 

But if you’re a young driver still living at home and about to buy your first car, it’s worth being nice to Mum or Dad and seeing if they can help you save a little on your first year on the road. 

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