INSURANCE >>> >>

Audio commentary:

The relatively high cost of insurance for young drivers can leave you feeling cheated, especially when it can cost more than your actual car. But insurance prices are set according to risk, and young drivers are the most likely to make a claim and therefore cost the insurance companies money. Drivers are more likely to have an accident in the first two years after passing their test and are also more likely to suffer from theft, fire and vandalism.

The good news is that there are ways that you can reduce your premium.

>> Shop around

Don’t just settle for one quote. Different insurers specialise in different groups so try and approach three or four companies to get the best deal. Ask your mates who they are insured with, especially if they are of the same age and own a similar car. It may be that they have already done the legwork so you don’t have to.

>> >> Know the value of your vehicle

Don’t be tempted to increase the value of your car, believing that your insurance company will pay out more for a claim. They will only pay out the current market value of your car, which could be a lot less than you have spent on it.

>> Pass Plus

The last thing you want after passing your test is another nerve-racking drive around the local roads. There is no test to complete the Pass Plus course though and attending can offer discounts of as much as 30% on your car insurance (and 30% of a lot of money is a lot of money). Plus it will give you valuable experience of driving at night, on motorways and in town.

>> >> Security

All improvements to the security of your car should help to lower your premium, so it’s worth adding approved alarms, immobilisers and even tracking devices to your vehicle. Just don’t buy them from that shifty bloke down your local.

> >> Mileage

Insurance premiums are based on the average motorist, who travels around 12,000 miles a year. But this figure includes the sales reps that live in cars, eating nothing but pasties and listening to The Best Soft Rock Album in the World…Ever (Volume II), so you could be driving a lot less. Bear this in mind when searching for quotes.

> > Parking

Your premium could be dependant on where you park, so if you are able to leave your car on a driveway or in the garage you could make even more savings.

>> > Add another driver

It seems bonkers, but adding one of your parents to your policy can actually reduce your premium. Just tell Mum to be careful when she takes your sports cabriolet out for a spin!

>> >> Move to East Anglia

If you want the cheapest car insurance then you’ll need to move to East Anglia. That is according to figures published a couple of years ago. Your insurance premium is based on many factors and location location location is just three of them.

>> > Get a sex change

Insurance claims made by female drivers are mainly for relatively minor accidents when compared to their male counterparts. Therefore insurance companies are now being set up that give cheaper deals solely for female drivers. So if you’re a girl then check out these companies. If you’re a lad with great annoyance after cheaper car insurance you could always consider sex reassignment surgery.