When starting off in the driving world, car insurance can cost more than the car itself in a lot of cases for 17/24 year old’s, with insurance providers having a field day when a first time driver comes looking for a quote.
There are many different factors which influence how an insurance provider bases it’s quote for you on. These providers more often than not use previous statistics as a fairly reliable source when determining what price to quote you for your policy. An example of what we mean here would be that it is a known fact that in the past, young male drivers are far more likely to crash their car than females of the same age group. You get he picture.
Your sex still plays a major role in determining your insurance quote, but that’s due to change in the coming year, with some insurance companies already making no pre-conceptions as to whether a make or female is more likely to be involved in an incident.
Aside from whether you are male or female then, the following areas are looked at by insurance companies when quoting you.
- Licence. Insurance providers logically see those with a full driving license far less likely to be involved in an accident than those who are driving on a Learner Permit, so try make sure to get your Full Licence without delay.
- Your age. Like above, this is naturally going to be a major influence in determining how much an insurance provider will quote you. The young and old unfortunately appear as higher risk drivers than those in between. As you leave your teens & early twenty’s you’ll notice a sharp drop in what you are getting quoted! Annoying yes, but that’s how it is.
- Value of your car. The lower the cost of the vehicle, the less it will cost to replace. So keep the value low and your quote should reflect this! We recommend keeping the value of your first vehicle below €6,000.
- Type of car. Planning on building up your driving experience in a Gti? Plan again. Few insurance policies will cover young drivers without experience on anything that puts a smile on your face. Stick with the basics, check out our recommended wheels here.
- Experience. Have you had any own policy or named driver experience? Own policy experience is recognised by all registered insurers and named driving experience is recognised by a minority of them when making a quote application. As you build up a no claims bonus your quote will reflect your driving experience.
- Type of cover. Fully Comprehensive insurance will set you back a lot more than third party fire & theft or third party. We recommend third party fire and theft if the value of your vehicle is low when starting off. More on that here.
- Profession. Some professions will have you on the road more than others, and so depending on your circumstances this will either play in your favour or against you. Students generally get away a lot more easily than you would imagine within this category.
- Keep a clean licence. We here at MyFirstWheels.ie massively encourage safe driving but we know at times that good humans can also make mistakes. Unfortunately penalty points will not do you any favours when looking for a quote.
- Avoid direct debit. Most insurance providers will allow you to pay monthly installments for your policy but just as with any other creditor, the cost of credit may bring your policy price up by up to 15% depending on who you choose to take your policy out with.
- Absolutely NO modifications. These days very few insurance providers will tolerate modifications to vehicles and as such avoid quoting these vehicles altogether. The basics are ok, such as alloys and what have you, but any modifications which in anyway hamper or improve the performance of a car, such as remaps and coilovers (engine and suspension mods) are a total no go. If you do get quoted, the price will be through the roof. Best wait til you have a driving history before you go down this route.
- Keep your mileage low. the less you drive the less risk you are seen to be. Most young drivers over estimate this when getting quoted, so make a realistic assumption when getting your quote.