Car Insurance for Young Drivers – AIB’s Tips for Saving on Your Premiums
We all know that every driver is required to have car insurance in Ireland by law and younger drivers are no exception. Individuals purchasing car insurance for learner, student or provisional drivers are often required to pay higher premiums compared to other road users.
Particularly, drivers under 25 face very high premiums because this category accounts for a disproportionately high percentage of all serious accidents on Irish roads. Therefore, the premiums charged for drivers in this age bracket often getting first time car insurance need to reflect this. Also, drivers younger than this are more likely to make a claim on their insurance than any other sector of the market and are subsequently asked to pay more.
AIB Car Insurance brings you a quick and simple guide to helping you reduce the premium you pay on car insurance for young and first time drivers.
The type of car you drive
A major factor in determining the price of your car insurance is the type of car you drive. Vehicles that are considered ‘high performance’ are charged the highest premiums. Therefore, if you want your premium to be lower, choose to drive a car with a smaller engine size.
Improve your car’s security
By improving your car’s security, you can help reduce your premium too. This can be done by installing a car alarm or an immobiliser which will ensure your car is kept safe and secure. You can also ensure your car is parked in a safe and secure location overnight.
No claims bonus
You can reduce the premium you pay for your Car Insurance by keeping a safe driving record. If you make no claim over the course of a year, your ‘no claims bonus’ will improve and will bring the cost of your insurance down over time.
Third party insurance
Another option for drivers under 25 is to take out insurance that is third party only or third party fire and theft. These policies will offer a level of cost that is much lower and they are far cheaper than car insurance that is fully comprehensive. While your own vehicle is not covered in the event of an accident, you are covered against the damage caused to the property of others when you’re at fault.
Remaining a ‘named driver’
For younger drivers, it can also be more cost effective to remain on their parent’s policy as a ‘named driver’. The cost of cover on this will be significantly less than what you would be charged if you were to take out your own policy.
Some of the links above bring you to external websites. Allied Irish Banks, p.l.c. is an agent of AIB Insurance Services Limited in relation to provision of general insurance products. AIB Car Insurance is exclusively underwritten by AXA Insurance Ltd. AIB Insurance Services Limited and Allied Irish Banks, p.l.c. are regulated by the Central Bank of Ireland.