What Is Young Driver Insurance And What Does It Cover?
Young Driver insurance will provide a young or new driver with cover for driving their car. There are varying levels of cover available including Third Party Only, Third Party Fire & Theft and Comprehensive. Young and new drivers usually have to pay more for their insurance due to having no experience, zero no claims bonus and the fact that they are considered a higher risk by many insurers…but there is a solution to get you covered and save money in the process…Black Box Telematics Insurance.
Young Driver Insurance Explained
Every young driver will already know that arranging their first insurance policy is not going to be cheap, but unfortunately it goes with the territory. New drivers are considered to be a higher risk due mainly to their inexperience, and the fact that statistically, drivers between the ages of 17 and 19 years of age are more likely to be involved in an accident. As a result, the cost of getting insurance for new drivers can be very high.
To help combat this, some insurers offer specialist new driver insurance policies which require a small black box to be fitted somewhere in the car, to monitor certain aspects of your driving. The exact things that it measures will differ based on each insurer’s requirements, but it will usually consist of speed, acceleration, braking and cornering. Other factors may be taken into consideration like the time of day driven, the number of miles travelled, the amount of driving done per day, the number of journeys, what type of roads you drive on, the speed at which you travel on those roads and the location of the vehicle. All of the data is then fed back into the insurer’s system to determine you driving score. If you drive sensibly then some insurers will offer you a reward, consisting of discounts at renewal, or cashback on your existing premium. For example, constant careful driving for the duration of your policy may lead to a considerable discount on your premium at renewal; bad driving on the other hand will not benefit you in the slightest, to the point where persistent breaking of the rules of your policy and the general laws of the road, could result in your policy being cancelled.
The Black Box will not affect your cars performance in the slightest and will usually be fitted out of sight. Aside from the money saving element of Telematics insurance, it also has other benefits too. Having a black box in your car is effectively like installing a tracker. If your car is stolen then the insurer can alert the police to its current location. Due to the box having an accelerometer and other sensors on board, if you were to be involved in a dispute over the fault of an accident, the black box can paint an exact picture of your movements just before the point of the incident. This can help stop fraudulent claims and pin point who was at fault, potentially saving your no claims bonus.
Telematics insurance still comes in the usual three types of cover; Third Party Only, Third Party, Fire & Theft and Comprehensive. Third Party Only is the cheapest as it only provides cover for third party injuries and damages. Then there’s Third Party, Fire & Theft, which also adds protection for your own vehicle in case it gets stolen or damaged by fire. Finally there is Comprehensive, which offers the most cover by protecting you against all of the above plus any damages to your own vehicle.
So in summary, what are the types of policy and cover available to young drivers?
- Telematics Insurance
- Black Box Insurance
- Comprehensive Cover
- Third Part, Fire & Theft
- Third Party Only
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