Insurance under the age of 25

[RedMod3]

I'm paying £355 fully comp on my M3P but I'm a little older than you are.
I found:

• LV gave the best quote.
• eSure would not insure me even with 20 years NCB!
• Adding my other half to the policy cut the premium
• Get a quote a month before you get the car, not days before as the prices rise nearer to when you need cover.

Good luck.

 

[Cozzavillain]

I could argue that all the money you’ve spent on cars IS you making memories.
You’ll reminisce of all the awesome cars you had “when you were lad”.
God, I wish I was 28 again (except I’d have to sit professional exams again. That was NOT fun)

True! I guess I was fortunate at that age to have the means to A. Afford the car and B. Afford the insurance up to several thousand without too much of a worry.

Without knowing the full circumstances of the poster, it’s hard to say, but I guess if you can’t afford the £3k for the insurance, you probably shouldn’t be paying the £40k+ for the car.

 

[Beery]

True! I guess I was fortunate at that age to have the means to A. Afford the car and B. Afford the insurance up to several thousand without too much of a worry.

Without knowing the full circumstances of the poster, it’s hard to say, but I guess if you can’t afford the £3k for the insurance, you probably shouldn’t be paying the £40k+ for the car.

It’s not that I can’t afford to pay the 3k but I just don’t see the point in paying it when I can wait another couple years to have it under 1k and not waste my money unnecessary.
Unless someone knew of any insurance companies that were cheaper that I may not have found.

 

[Beery]

My advice would be avoid paying through the nose for cars at that age. When all this covid lark blows over, I’d spend the money on holidays and memories. Plenty of time for cars, all they do is drain your resources! This coming from someone who made that mistake, I’ve had a few BMWs, Audis and a tesla (I’m 28) and I often sit and think about all the money I’ve spent on cars!!

I completely understand where you’re coming from, I’ve financed my past 2 cars but wa a looking to outright buy this Tesla and keep it for quite a while as to save money on cars in the long run.

I take it you've checked out black box insurance policies? Means you can't have as much fun with the car as you might like, but I've found they can be pretty liberal in the past. I tested one out once and I was still able to drive quite hard and throw it into roundabouts without affecting the overall score.

I had a black box policy on my first car and really couldn’t enjoy driving it at all over the first year at all, I’d definitely need to do a lot of research if I was ever going to take one of these out again

 

[Alistairuk]

It’s not that I can’t afford to pay the 3k but I just don’t see the point in paying it when I can wait another couple years to have it under 1k and not waste my money unnecessary.
Unless someone knew of any insurance companies that were cheaper that I may not have found.

What was the mandatory excess on that quote? Not that we plan to have accidents but if you ever do it’s a kick in the teeth if you’ve been paying extortionate amount for insurance to then have to fork out another 2-3k!

Personally if I was you I’d wait till the insurance cost comes down to a more reasonable amount - I don’t think you would get much use out of it this year anyway the way things are going.

Since September I’ve only done 1600 miles and most of that was back and forward to supermarket / local park! The longest drive I’ve had was collecting it and then having to take it back to Tesla in Edinburgh a few weeks later to fix some faults

 

[ACarneiro]

True! I guess I was fortunate at that age to have the means to A. Afford the car and B. Afford the insurance up to several thousand without too much of a worry.

Without knowing the full circumstances of the poster, it’s hard to say, but I guess if you can’t afford the £3k for the insurance, you probably shouldn’t be paying the £40k+ for the car.

Whether or not he can afford it it’s up to him.
I wish I could have had a Tesla at 23, I’m delighted if he can

 

[bhanorthy]

I'm 26 and I have paid around £900-£1000 each year for my first two years in M3P.

I used to have my parents on it as named drivers but one of them had a crash so it worked out more expensive if I put them on this time around.

I find postcode is the biggest factor. London postcodes are by far the worst looking at the groupings.

 

[m3gt2]

Just another thought, depending on if they will quote you and how many miles you cover https://www.bymiles.co.uk may be worth a look?

 

[Beery]

Just another thought, depending on if they will quote you and how many miles you cover https://www.bymiles.co.uk may be worth a look?

Had a look but they won’t insure me since I’m under 25, looks very good though so I may try it out when I meet the requirements.
Reading all the comments etc I do think it’ll be W smarter financial decision for me to wait until I’m 24/25 so my insurance is much lower and more in the range I’m wanting to pay.
I appreciate all the help from everyone here.

 

[ACarneiro]

And you’ll have the Model Y as an option then

I look forward to welcoming you back in a couple of years time!
Good luck and enjoy the best years of your life (even though you may not think so)

 

[darkNstormy]

I don't want to be knocking on the door of self-promotion. But I'm 23 and was able to get insurance for almost bang on £1l. I cover a fair bit of it in my video, but the key take-aways/things I've noticed to save you time:

My folks always said that I'd be a delinquent if I played games all the time

 

[Silicon Desert]

If your son was the main driver then this is called "fronting" and is a type of insurance fraud.

https://www.rac.co.uk/drive/advice/legal/fronting-and-car-insurance/

Nope. It is not insurance fraud the way we have done it. The insurance company knows he is the main and mostly only driver. We aren't that dumb I never said we claim to be the driver of that car.

 

[Alistairuk]

Nope. It is not insurance fraud the way we have done it. The insurance company knows he is the main and mostly only driver. We aren't that dumb I never said we claim to be the driver of that car.

The system in the UK is a bit different to that in the States

The insurance policy has to be taken out by the "main driver" of the car - who is usually (but not always) the registered owner of the vehicle, but in any case, is the normal/main driver of the vehicle.

You can then add "named drivers" to the policy, who are then covered under the main drivers' policy when driving the vehicle - this can either increase/decrease the policy cost depending on their ages, convictions, accident history, etc... although in some cases the only difference is the mandatory excess if they have an accident.

You do get multi-car family policies which are possibly similar to what you're referring to, where providing everyone lives at the same address you can get a slight discount on the overall cost of the policies but only some insurance providers offer this and i've only found it to be way more expensive than just insuring each car with different insurance companies.

 

[Cozzavillain]

Whether or not he can afford it it’s up to him.
I wish I could have had a Tesla at 23, I’m delighted if he can

100% agree, I didn’t mean it quite as it read back and also it’s awesome he’s in the position to be looking into ownership at 23 - fair bloody play.

 

[Silicon Desert]

The system in the UK is a bit different to that in the States

The insurance policy has to be taken out by the "main driver" of the car - who is usually (but not always) the registered owner of the vehicle, but in any case, is the normal/main driver of the vehicle.

You can then add "named drivers" to the policy, who are then covered under the main drivers' policy when driving the vehicle - this can either increase/decrease the policy cost depending on their ages, convictions, accident history, etc... although in some cases the only difference is the mandatory excess if they have an accident.

You do get multi-car family policies which are possibly similar to what you're referring to, where providing everyone lives at the same address you can get a slight discount on the overall cost of the policies but only some insurance providers offer this and i've only found it to be way more expensive than just insuring each car with different insurance companies.

Oh I see what you mean. My insurance company asks who mainly drives each of the 3 cars and how they use the car (work, recreation, or whatever). We live at different addresses and they know that. We have found it to be less expensive than the son being on a separate policy. Wife used to be in that business so she makes the decisions on that. I assume it might be fraud here as well if we claimed we are the only ones driving the 3rd car. Not sure about that.