Best Car Insurance Uk For Young Drivers Martin Lewis

Best Car Insurance Uk For Young Drivers Martin Lewis – This article contains affiliate links, we receive a commission on all sales made through it. More information

Martin Lewis has revealed a simple tip young drivers can use to cut huge car insurance bills as costs continue to rise.

Best Car Insurance Uk For Young Drivers Martin Lewis

Adding a second driver to your car insurance policy can save you money, the founder of Money Saving Expert has revealed.

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He found that adding a second responsible adult to the arrangement could reduce the driver’s “risk averaging”, which would lower premiums.

Martin was commenting on ITV’s Tonight Show, which took a detailed look at rising car prices in the UK.

First, Martin said, it may be cheaper to offer comprehensive coverage because regulators may hold drivers more accountable than those who contract with third parties.

The financial guru then added: “There are so many things like that. Whether you’re young, add another legal driver to lower your risk average.

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The money-saving expert previously said that in some situations, adding a driver to the business can be beneficial.

The group said they were able to reduce an 18-year-old’s policy by £1,000 a year simply by adding a 40-year-old family member as an “occasional” beneficiary.

They pointed out that another driver with good driving experience should help keep costs down on the new road.

But they warned it could be a matter of trial and error, with some family members’ policies driving up average premiums.

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Compare Market confirmed that young drivers could reduce the cost of their policy by splitting the contract with a more experienced driver.

Said policies are usually a much cheaper option than a young person trying to secure a policy.

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Compare market claims, the average cost of insurance for 17-24 year olds is well over £2,000 a year.

Martin Lewis Simple Car Insurance Tip To Reduce Premiums For Young Drivers

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As insurance premiums rise, Martin Lewis’ team of experts have issued new advice on the important rules to follow when renewing your car insurance to avoid breaking the law.

Despite the drop in inflation to a more acceptable four percent, we live in a time of ever-increasing costs.

Among them is car insurance whose renewal prices are significantly higher than those paid last year.

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And no, I wish it was a fictional ascent, but unfortunately that’s exactly what this author is talking about based on recent sad experiences.

Comparison Market has revealed that the cost of car insurance for young drivers aged 17 to 24 has risen by 49 per cent, with the average cost of more than £2,000 a year.

The main thing we all do in these situations is go shopping or call our service provider to see if they can lower the price of the upgrade, citing our long-standing loyalty and hopefully no claims (it works, trust me).

This may include your job title, as not all professionals work well with the system used by insurance companies. It’s worth looking at the available options to see if you’re legitimate for the other and what the cost implications are.

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Adding a family member, like mom or dad, as a second driver can do wonders if you’re in your late teens or twenties.

Martin Lewis’ team of money-saving experts say: “Adding a second driver should increase costs, but strangely it can reduce costs.

“We tried adding a 40-year-old family member as an occasional beneficiary (not a major factor) to an 18-year-old policy, which reduced the premium by around £1,000.

However, the MSE team cautioned against one method that some may use as it is highly illegal.

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Speaking about the fronting, the MSE team said, “It’s a scam. If you make a claim, it will be confirmed and your insurance will stop if you get caught.

But what is it? Well, instead of appointing a parent or relative as the leader, you appoint them as the primary leader and yourself as the secondary leader.

Insurers get the impression that they are the primary users of the vehicle. The surcharges can be significantly reduced, but this is against the law and means you are technically driving without valid insurance.

The MSE team says, “Never add a parent (or anyone else) as the primary enabler unless they are.

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According to MoneySavingExpert.com, the best time to renew your car insurance is 20-26 days before your current policy expires.

Tom joined in 2024 and specializes in SEO and trending content. He moves to Reach plc where he enjoyed the role of content editor and senior reporter at LancsLive, one of the most widely read local newspaper brands in the country. When not working, Tom spends his adult life as a Manchester United supporter after a childhood full of trebles and Premier League titles. I guess you can’t have everything forever. From Mr Money himself, it could save you a fortune on your car insurance!

It is well known that as a new driver you will incur insurance premiums even if you have passed your test and have a driving licence. 

With many young drivers paying thousands for car insurance (the average premium for young drivers is £1,783), this could be too far for many. 

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But it turns out it might be possible to cut those rewards – and of course Mr Money himself had to be Martin Lewis to offer some valuable advice.

The 47-year-old told the Martin Lewis Money Show: “Reducing the cost of your car insurance is less about common sense and more about small changes in your behavior that can lead to big price changes.”

Lewis’ first piece of advice was to warn drivers to be careful when upgrading their cars, which often lead to price increases.

It turns out that the timing of updates can be very important. Lewis points out that the price of your premium will often drop from 35 days to 21 days before renewal and then rise again.

The Martin Lewis Money Show

He says the optimal deadline is 20 to 26 days in advance. “It all depends on the date you get the update – 21 days before. It’s not an exact science, but it shows how time can be very important to everyone.

He points out that while it may look like it’s just an update, it’s not. It’s really about the image you give to potential providers and people who buy insurance at the last minute are perceived as more of a risk by providers!

Another recommendation from Lewis, which he says may seem “counterintuitive”, is to change where you park your car – he gives the example that parking in a garage can actually cost more than parking on the motorway! 

This is because service providers may believe that entering and exiting confined spaces is more likely to cause a vehicle crash. 

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One of her viewers tweeted: “My insurance company wanted £150 EXTRA to park my car in a remote controlled underground garage! Park it on the narrow MAIN ROAD and run, big savings!

According to Lewis, it’s based on “actuarial risk,” where insurers compare how many people filed claims and what information they included in their claims with what most other drivers said.

Another thing that can really save you money is comprehensive protection rather than a third-party fire and theft policy, which can often be cheaper because providers see you as less of a risk.

Adding an extra driver can also keep costs down, which is a particularly useful tip for younger drivers – so make sure mum’s aiming!

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But you shouldn’t include them as a major factor, which is an illegal activity known as fronting, a type of insurance fraud.

If you get caught you could face a criminal record, 6 penalty points on your licence, an unlimited fine and a voided policy, so it’s something to avoid!

That’s Martin’s definite yes. He says you should use as many comparison sites as possible because different insurers deal with different sites, meaning it could cost more or less depending on which one you use.

For even more tips and tricks on how to get cheap car insurance and find out which cars are the cheapest to insure, check out our blog: Cheapest cars in the UK 2023.

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If you’re looking to save on life’s essentials, from insurance and breakdown cover to tips and tricks to save precious pennies, be sure to check out the Home & Finance section of the new Talks content hub!

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