As it stated in The latest AA British Insurance Premium Index found that a typical quoted premium for someone aged 17-22 is a massive £1,436.
Eye-watering premiums for young drivers(Photo: PA)There is no doubt that car insurance is punishingly expensive for younger drivers.
Better ways to cut premiums for young driversWhile car insurance is incredibly expensive for young drivers, there are plenty of other ways to reduce that cost which don’t come with the risk of gaining a criminal record.
What’s more, there is the possibility of being prosecuted for fraud, with a criminal record to boot.
Just shy of half of motorists (49%) said they felt there was nothing wrong with doing this to save money, according to a new study from AA Insurance , and with insurance premiums for young drivers so high it’s increasingly tempting.
as informed in Could not subscribe, try again later Invalid EmailExperts are warning parents not to use the process of “fronting” when it comes to their child’s car insurance.
And experts say, with insurance premiums for young drivers so high, it’s increasingly tempting.
ActionFraud describe it as a type of insurance fraud and note those caught doing it could face prosecution for fraud and a criminal record.
“Unfortunately drivers aged 17-to-20 are twice as likely to make an insurance claim as other drivers and their claims costs will be three times higher.
“Although it’s understandable that a parent would want to help their child with the cost of getting on the road, insurance fraud is not the best option.
Why good drivers may pay more for car insurance than people who have had accidents
as informed in A new report finds that some good drivers are paying higher premiums than drivers who’ve had accidents.
Insurance companies claim that good drivers get discounts.
In Michigan, the average annual premium for those with an excellent car insurance credit score was over $2,300 with a good score, it was over $2,700 and with a poor score, it was just over $5,700.
To this point, insurance companies haven’t been able to count on people accurately reporting how much they drive or the kind of driver they are.
The report explains that accident history is just one factor that goes into your insurance premium and lower income drivers often pay more.
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collected by :Olivia Mathio