DRIVERS could save up to £368 a year on their car insurance using a simple trick.
The average car insurance policy for a young driver aged 17-24 is a whopping £1,489 a year according to Compare the Market.
The soaring cost is enough to put newbies off from learning to drive.
But a simple insurance trick could shave hundreds off the cost.
Naming another driver on your policy will bring the price down to £1,121 for a young driver, CompareTheMarket found.
That’s a hefty saving of £368 – which would come as a welcome cash boost for many as the cost of living crisis hits people’s wallets.
In the past year, the cost of car insurance has increased by an average of £142 for young drivers.
A typical policy now costs £1,245, compared to £1,103 last year.
But if you still live with your parents, you can save hundreds by adding them to your policy.
It might sound counter-intuitive but adding another name to your policy could reduce the cost.
It is important to note that all named drivers do need to drive the car for the policy to be valid.
You should also make sure you aren’t “fronting” – which is where you list the more experienced person as the main driver, even if they aren’t the one who uses the car most often.
This is a type of insurance fraud and is against the law – if you’re caught, your policy could be invalidated and you could end up with a criminal record, unlimited fine, and six penalty points.
But if you are able to put an additional driver on a your policy for genuine reasons, you could save money.
“The cost-of-living crisis and soaring fuel costs mean that many people are struggling to stay on the road,” said Julie Daniels, motor insurance expert at Compare the Market.
“For young drivers, the cost of insurance can also be prohibitively expensive.”
How else can I cut the cost of car insurance?
Shopping around for a new deal could also save you cash.
Compare the Market said that a young driver could typically save £263 by switching to the cheapest deal.
Opting for a telematics – or black box – insurance policy could lower your costs too.
These monitor how far and how well you’re driving, and some will impose a curfew so you can only drive at certain times of the day.
Other tips include lowering your mileage if you currently don’t use all of your allowance.
Many companies offer discounts if you have a lower mileage count because it reduces your time on the road – meaning you’re less likely to make a claim.
Tweaking your job title can save you money too – but it still needs to be an accurate reflection of what you do.
For example, if you changed your job title from “chef” to “caterer” or from “journalist” to “writer”, then these would be acceptable ways to describe your profession without breaking any rules
If you’re buying a new car, it’s worth checking the insurance costs for different makes and models before making your decision.