ONE of Ireland’s leading online brokers, specialising in motor insurance for young drivers, has secured special discounts for novice motorists throughout Cork who are “understandably disillusioned” with the growing wait time for driving tests.
They hope that the discounts will incentivise the thousands of drivers awaiting tests to “keep going” with their lessons and on-the-road experience.
Experts at Coverinaclick.ie say that the worsening problem of driving test delays will have a lasting impact for years to come if solutions are not found to address the growing wait list, which some reports suggest could reach well over 100,000 by the end of the year.
Deirdre McCarthy, manager at Coverinaclick.ie explained: “The latest statistics report that in 2019 there were more than 25,300 learner permit drivers in Cork — and it’s reasonable to assume that this figure has since increased. The delays to driving tests mean that these thousands of young drivers in Cork will not be able benefit from huge reductions in insurance costs secured by fully licenced drivers.
“Any driver’s first year on the road can be expensive, our analysis of premiums between year one and year two demonstrate a sharp fall in costs, anywhere from 32-46% for young drivers. Right now, the situation looks fairly dire for drivers in Cork awaiting their test. However, we hope to bring a little bit of positivity to the situation as we have secured significant discounts on premiums for those who become ‘test-ready’.”
Figures released by Coverinaclick.ie, which compare the premiums quoted for young drivers with varying degrees of competence and experience, reveal differences can range from €600-€1,100.
Analysis by Coverinaclick.ie reveals that even if they can’t sit their test, if young drivers can reach and complete two-out-three driving “milestones” i.e., get 12 professional lessons and earn a one year no claims bonus, then they will see a huge reduction in what they are charged for motor insurance.
Coverclock.ie say that young drivers face greater challenges than other drivers when securing the best value on the market. They would be better off using a broker with access to the often much cheaper Lloyds market for them, rather than just being limited to direct insurers based here.
Ms McCarthy explained: “There is limited competition in the first-time driver market – these motorists might only have 5 insurers looking to quote, whereas a driver with years of experience and a full no claims bonus could have 15+ insurers looking to quote for their business.
“Basically, these drivers need to know where to look as it’s a bit of a niche market. What’s more not all brokers will specialise in this category — you need to find one who has rate agreements in place with specialist insurers who will do young driver a decent deal.”
Ms McCarthy went on to advise: “There are several steps drivers can take to ensure they get the best value motor insurance premium.”
The Coverinaclick.ie Top Tips for a better rate include:
1. Get lessons — discounts will be offered by certain insurers for drivers who have completed 12 lessons from a qualified driver instructor.
2. Get your full licence.
3. If possible, plan ahead — try get experience by being added to a parent’s policy for a period to help get the driving test. While traditionally most insurers will insist on a full year, some providers offer discounts to young drivers who have six months’ experience on their parent’s policy.
4. Look at the model and engine size of the car you are going to buy. Don’t be afraid to ask for different quotes for various cars.
5. Check the differences between third party fire and theft and comprehensive, according to the value of the vehicle.
6. If you want to teach your teenager to drive, cost out the various alternatives — adding them to your or your spouse’s cover or arranging separate cover for them — don’t assume that one will be cheaper than the other.
7. Remember that some insurance companies specialising in insuring young drivers are only available through certain brokers.