If you’re driving on public roads, you need to consider car insurance. In the UK, it’s a legal requirement.

Insurance can be a major expense for new motorists. Providers understand that, statistically, young drivers are at greater risk of being involved in accidents. They tend to be less experienced on the road, and more prone to making unwise motoring decisions.

Despite this, there are ways to offset insurance costs as a first-time buyer.

Factors that your insurer will take into consideration

When deciding how much risk you present, and by extension, how much to charge you, insurers will consider a range of factors. Some of these, like your age, are beyond your control. Others, like your vehicle, are within your power to change.

The age, size, and power of your vehicle will all make a difference. Look at reliability surveys, and see which vehicles spend the most time off the road. The amount of miles you’re putting in will also matter. High-mileage drivers are a bigger risk than low-mileage ones.

The place you park your car will also matter. If it’s being stored in a garage, it will be at much lower risk than it would be when parked on the street.

nice car on london street

Where you live and park your car impact your insurance

Weighing up the options

Different insurers will come to different conclusions about the risk you present. This is where comparing a number of options can be very useful. Fortunately, there are several price comparison sites that will allow you to do just that.

When comparing different providers, make sure that the policies under consideration are identical. Remember, moreover, that not all insurance providers are listed on price comparison sites. If you’re renewing your policy, you might go through the same process – but make sure that you get in touch with your existing provider to give them a chance to match the quote.

Reducing costs

So, how do we bring down costs? Let’s look back at the factors that matter to insurers.

Pick a car that’s low-risk. It’ll be cheaper to insure. Small city cars with small engines are often best. If you’re able to add a second driver to the policy, like a parent, then this can also help to lower your premiums. If you can reduce your mileage overall, you might also find that the premium goes down.

Telematics, or ‘black box’ insurance, can also be very helpful. This works via a special device that tracks your miles and driving behaviour, limiting the risk for the insurer.