18 July 2023 , 08:18
1130
0
Young drivers could potentially save up to £250 on the cost of their car insurance by following this one trick.
Motorists under the age of 24 could save some cash by simply adding an "experienced named" driver to their policy says Compare the Market.
Currently, the average car insurance premium for a young driver is around £1,783 a year.
However, with an additional named driver added the average drops by 16% or £240 to around £1,543.
Compare the Market's research also found motorists aged between 25 and 34 could save up to £250 by adding a more experienced driver to their policy.
Pet owners driving with dogs face £5,000 fine if they break these rules
For drivers in this age group, the average premium is currently around £625 if they have another named driver on the policy.
This is compared to £875 if there are no additional drivers - this is equivalent to a 29% saving.
If you decide to do this, Compare the Market said that it was important to note that all named drivers do need to drive the car for the policy to be valid.
Over the last year, car insurance premiums, particularly for young drivers, have surged dramatically.
According to data compiled by Compare the Market, the typical premium for a young motorist without older drivers on the policy has jumped by around £485 year-on-year.
The price comparison site noted that young drivers saw the "steepest increase" as policies sat at around £1,298 last year.
The reason for the rise in insurance costs has been primarily blamed on the higher value of second-hand cars and repair cost inflation.
So it's a given that drivers are trying to find ways to reduce costs - particularly as the cost of fuel has also skyrocketed alongside insurance prices.
However, Compare the Market warns that while young drivers can add additional names to their policy they should be careful to avoid "fronting".
Fronting is a type of insurance fraud and this is when a driver gets someone more experienced than them to be listed as the main driver on their vehicle, even though they do most of the driving.
'Dangerous' driver sparks fury after placing 'insane' note on back window
If a young driver is caught fronting, their policy could become invalid - it could also see them and their experience driver face an unlimited fine, six penalty points and a criminal record.
To avoid this, drivers should make sure their own name is listed as the main driver.
Julie Daniels, motor insurance expert at Compare the Market, said: “The cost-of-living crisis means many drivers are struggling to stay on the road and car insurance can be prohibitively expensive, especially for younger drivers.
"For these motorists, adding an experienced named driver to their policy is a legitimate way to bring down the cost of insurance as long as the more experienced motorist also drives the car.
"However, all information provided to your insurer must be accurate."