Year 2014 -17 year old male and car insurance !!!

youngdrivers

Unfortunately as long as insurance companies can get away with charging excessive premiums to young drivers, many will drive without insurance. Of course this simple adds to everyone's risk, so up go premiums to balance profits... it's chicken and egg. Insurance companies will only change the rules if their balance sheets were affected. Young people need to get together en-masse and veto insurers that quote excessively... for life. They may not want your business now, but they will certainly suffer without you in the future!

tberry6686

Maybe if younger drivers were not such a bad risk (statistically) then insurance companies would give such high quotes.

The fact is insurers do not want young drivers on their books as they are more likely to have claims than older drivers.

nobbysn*ts

tberry6686 wrote: »

Maybe if younger drivers were not such a bad risk (statistically) then insurance companies would give such high quotes.

The fact is insurers do not want young drivers on their books as they are more likely to have claims than older drivers.

My annual car insurance is about £100. So, insurers have statistics to show the op is in a group that is likely to have 30 times the accidents I an likely to have, and so can justify charging in one year what I'll pay in thirty? Also, I 've also never found the big old cars cheaper than the 1.0l Corsa my daughter insures.

Nasqueron

youngdrivers wrote: »

Unfortunately as long as insurance companies can get away with charging excessive premiums to young drivers, many will drive without insurance.

An expensive policy is not an excuse to not buy it, simply save up, don't have your own car, or wait - a car is not a legal requirement! I can't afford a Jaguar, I don't just go and steal one. Young drivers, on average, have more accidents. As such, you pay more to cover the odds that an accident will happen. If a young driver buys a half broken £500 banger and drives into a Jaguar and causes £10,000 of damage + personal injury claims, the driver paying £400 doesn't make sense. Brake data shows

-18 year old is 3x as likely as 48 year old to have an accident
-1 in 5 new driver has a crash inside 6 months of passing test
-Young male drivers aged 17-20 are seven times more at risk than all male drivers - but between the hours of 2am and 5am their risk is 17 times higher

youngdrivers wrote: »

Of course this simple adds to everyone's risk, so up go premiums to balance profits... it's chicken and egg. Insurance companies will only change the rules if their balance sheets were affected. Young people need to get together en-masse and veto insurers that quote excessively... for life. They may not want your business now, but they will certainly suffer without you in the future!

The insurance company has to make a profit else they couldn't operate. If they all charged a few hundred quid to everyone and then paid out loads they'd go bankrupt. You can go on about vetoing firms but there are only a few who will insure young drivers for reasonable prices and they take a massive risk - same as banks / finance people lending money at high % to people with bad credit as they're more likely to fail to pay.

Here's a novel idea:

Get a 50bhp 1 litre small hatchback, yeah it may be ugly and slow but you don't NEED a souped up 150bhp+ sports model - the 1 litre car will still get you around

nobbysn*ts

Nasqueron wrote: »

............18 year old is 3x as likely as 48 year old to have an accident...............Here's a novel idea Get a 50bhp 1 litre small hatchback, yeah it may be ugly and slow but you don't NEED a souped up 150bhp+ sports model - the 1 litre car will still get you around

So, you agree, 3x the premium would be fair, not 30x. And as the op has stated, '1.3 Yaris manual, 9 years old, manual' isn't a 150bhp+ sports model.

GwylimT

Clifford_Pope wrote: »

Not my experience. Corsa insurance is (relatively) cheap.
Not as cheap as an ancient Volvo estate would be, but our 18-year old doesn't want to drive that.

Which is exactly why we bought our son a Volvo estate, it also made things much easier when we had to cart all his crap to university, he was cramped and surrounded by stuff, we were nice and comfy in our car!

Nasqueron

nobbysn*ts wrote: »

So, you agree, 3x the premium would be fair, not 30x. And as the op has stated, '1.3 Yaris manual, 9 years old, manual' isn't a 150bhp+ sports model.

I was responding to "youngdrivers" not the original poster with regards to the policy / car selection

I think 3x would be fair, maybe 4x - dunno about 30 times - someone quoted £3000 would suggest the average older driver pays £100?

I first started with a large Mazda saloon 2 litre petrol in 2003 I think it was, freebie from a family friend, did 3rd party only which came to about £1200 or so. That was with a 4 year old license but no insurance on own car until then.

11 or so years later on my own car I pay about £350 with 10 years no claims.

I guess OP could try brokers like Adrian Flux or go for Group 1 insurance cars e.g. Chevrolet Spark or Citroen C1 or Corsa from 2006+

The "youngdrivers" post is typical attitude which I hate - there is no "need" to have a car, not being able to afford the insurance doesn't give anyone the right to say "well I want to drive anyway so will just do it without insurance"

Aretnap

Number of accidents is not particularly relevant. It's total amount paid out in claims which matters. Not only do young drivers have more accidents than older drivers, but when they do have accidents they're more likely to be severe.

£100 is extremely low, even for an older driver. The average premium for drivers under 22 is around £1100, while for drivers between 60 and 69 it's around £300 (link, page 4), so about a 4-fold difference. Obviously there'll be a lot of variation within those groups. An 18 year old insuring his first Subaru in central London is going to pay a lot more than 4 times as much as a 60 year old with full NCB driving a Yaris in a quiet village in Toryshire, but that's not entirely down to age.

forgotmyname

youngdrivers wrote: »

Young people need to get together en-masse and veto insurers that quote excessively... for life. They may not want your business now, but they will certainly suffer without you in the future!

Err wouldn't that exclude all the insurers?

Maybe get them together and teach them not to drive like idiots as soon as they pass their test?
Going back the the 80's i paid £750 for comp insurance on my 2nd car.

So is it really that dear now?

nobbysn*ts

Aretnap wrote: »

................An 18 year old insuring his first Subaru in central London is going to pay a lot more than 4 times as much as a 60 year old with full NCB driving a Yaris in a quiet village in Toryshire, but that's not entirely down to age.

Ironically, a Subaru Justy (old shape) worked out as one of the cheapest cars for my daughter to insure. Couldn't find one though.