Swiftcover Advises Young Motorists To Shop Around For Cover
It is important for younger drivers to take steps to make sure that being able to burn rubber in their car does not leave them with a hole in their pocket when it comes to getting cover.
Such is the assertion of swiftcover, which reveals that the amount of money motorists who are in their 20s have to pay for their car insurance can be a significant sum. Pointing to figures released in the Association of British Insurers’ report Young Drivers: Road Safety and the Cost of Motoring, the firm revealed that getting cover can make up more than 50 per cent of their annual driving costs. The insurance provider also reported that no matter if a driver is still in possession of their no claims bonus or if they had been in several accidents “the majority of insurers will make anyone in their 20s pay over the odds for their insurance”. In comparison, older drivers were shown to put just six per cent of their yearly motoring expenditure towards insurance.
And following on from facing higher costs for purchasing car insurance, it may be possible that motorists struggle even more when managing other motor-related expenses such as petrol and repairs. This could also extend to spending commitments such as personal loans, utility bills and credit cards.
Research from the insurance provider also showed that the cost of cover which young people can pay varies drastically. A 28-year-old male plasterer who drives a 2007 Skoda Octavia Sport FSI model in Truro could pay as much as 372 pounds for their annual insurance. However, by shopping around for the most competitive policy on the market it was reported such a motorist could pay 182 pounds for the same level of cover, a difference of 152 pounds. It was also reported that savings of 103 pounds are available for a 22-year-old male student for driving a Ford Ka Style 2003 in Cwmbran.
Commenting on the figures, Tina Shortle, marketing director of swiftcover, said: “Although young drivers are statistically proven to have a far higher rate of accidents, it does not necessarily follow through that this is the case for all drivers in their twenties. We believe at swiftcover that it is unfair for all drivers to pay over the odds simply because of their age. Through sophisticated analysis, we are able to ensure that a 20-something is treated as an individual not a number.”
“Our message to all young drivers, both men and women, is to shop around - and certainly not to settle for your renewal premium until you have made sure it is competitive,” she added.
For those on the search for a new vehicle, taking the time to apply for a cheap loan may be recommended. Not only may the financial assistance which is offered by a loan help borrowers to get the car of their dreams quickly and affordably but it could also give them enough disposable income to shop around for a comprehensive car insurance policy. This could prove to be of particular assistance after recent figures by Sainsbury’s Car Insurance revealed that the average cost of cover in July increased by 5.8 per cent over the last 12 months to stand at 514 pounds and 36 pence. This is the first time in over two years that the average car insurance policy has surpassed the 500 pounds barrier.
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