If you’ve been driving for a while now, you’re probably wondering when your car insurance is going to get cheaper.
In this post we’ll discuss when car insurance goes down in price, while exploring some of the factors that determine how much you pay for your cover.
Why Do Young Drivers Pay More For Cover?
Young drivers and new drivers tend to pay more for their car insurance than older and more experienced drivers. This is because first-time drivers are more likely to be involved in accidents due to their nerves and inexperience.
According to road safety charity Brake, 20% of drivers crash within a year of passing their test. The Association of British Insurers (ABI) revealed that 9.5% of drivers under 20 made a claim on their car insurance in 2020, a higher proportion than any other age group.
The higher insurance premiums are there to cover this increased risk that they will make a claim on their policy.
When Does Car Insurance Go Down in Price?
Drivers may see their car insurance go down in price as they get older and gain more driving experience, however, even as you get older, your personal circumstances can still affect the cost of your cover.
Beyond Age, What Other Factors Affect Car Insurance Premiums?
- The car you drive. Faster and more expensive cars generally cost more to insure than more modest and affordable cars. This is largely due to higher rates of theft. Also, the pricier the car, the more repairs tend to cost, owing to the higher price of replacement parts and the need for specialist mechanics.
- Where you park your car. If you can park your car on a driveway – or better yet, in a secure garage – you may be able to save money on your insurance due to the lowered risk of theft.
- Your job. If you use your car for work, you’ll likely have to pay more for cover. Certain jobs carry greater risks, for example if you work as a courier or a security guard you may have to pay higher premiums than, say, a dog walking business. Even using your car to commute can increase the cost of cover, as the more miles you drive the higher the risk of a collision and a claim.
- Your personal circumstances. If you have any criminal convictions, or if you have ever received a driving ban, it can increase the price of your car insurance. So too can a history of claims.
- Unfortunately, sometimes the cost of cover may be beyond your control. For instance, inflation can increase the price of car parts, which can make repairs more expensive for all drivers. This will raise the price of car insurance for everyone.
How To Lower Car Insurance Costs
- Drive a car from a lower insurance group. Some cars simply cost less to insure than others. Read our full guide to car insurance groups.
- Take steps to secure your car. Make life as hard as possible for thieves and you can save money on cover. Read our guide to protecting your car from thieves.
- Drive as safely as possible. Commit to driving safely and you can build up a no claims discount. In the long-term, this can result in significant savings on your car insurance.
At Insure 2 Drive, we are committed to driving down the cost of cover for safe drivers of all ages. Get in touch for a free quote today.
