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When you buy your vehicle from a car dealer, the car insurance you take out will depend on the value of the vehicle and the factors mentioned above.
Under-25 car insurance for expensive cars
If you drive a newer model car with a higher market value, or a classic or modified car, then comprehensive insurance may be worthwhile, although in some cases prices may be very steep.
If you took out a loan to purchase the car, many lenders — including car dealer finance companies — will require that drivers aged under 25 years old take out comprehensive car insurance as a condition of the loan. This can be expensive, but your lender may insist on it. While it can require you to get comprehensive insurance, it can’t tell you which insurer to get it from, so you should always shop around for a deal, and haggle.
One of the most effective ways to keep the cost of car insurance down is to drive an inexpensive vehicle, or drive your current car as long as safely possible.
Under-25 car insurance for cheap cars
A cheaper car might not need as much cover as a more expensive or newer car.
If you have a used car or an older model and your car’s market value is low, you could choose to only take out third party cover. That way you’re financially covered in case you cause a major accident, but you’re not paying more in annual insurance premiums than your car’s worth.
You might not need comprehensive cover, which covers events like theft, natural disasters, especially if the excess is higher than your car is worth. However, it’s always worth comparing the cost of comprehensive cover with third party cover, as in some cases, comprehensive can cost less.