The cost of car insurance is going up by 44p every single day, according to research by MoneySupermarket.com. Young drivers pay particularly high premiums - the average now stands at £2,431 - because they are more risky to insure. Statistics show that teenage drivers are ten times more likely to be killed or seriously injured in crashes than drivers aged 35 or over.
Some estimates suggest that the rising cost of motoring has forced 1.3 million drivers off the road, so it's no wonder that more people are looking at different ways to cut the cost of cover, including named driver insurance.
You can usually add up to four named drivers to your car insurance policy, which can be useful if you share a car with flat mates or family members. Usually, the more drivers you add the more costly the cover. But in some cases, adding a named driver can lower your premium.
Let's say you are a young driver who doesn't have much experience of the road. Your car insurance will undoubtedly be expensive - and could even be unaffordable.
But if you add an older, more experienced driver to your policy, the cost could come down. It could fall even lower if the named driver has a clean driving record and a history of no claims. So, if you put your mum on your insurance policy as a named driver, you could find that named driver car insurance policies are the cheapest option.
Let's say you are a young driver who doesn't have much experience of the road. Your car insurance will undoubtedly be expensive - and could even be unaffordable.
But if you add an older, more experienced driver to your policy, the cost could come down. It could fall even lower if the named driver has a clean driving record and a history of no claims. So, if you put your mum on your insurance policy as a named driver, you could find that named driver car insurance policies are the cheapest option.
Car insurance for named drivers and fronting
You don't have to own a car to take advantage of named driver insurance. If, for example, you occasionally drive your parents' car, you could add your name to their policy. Your parents' premium will almost certainly go up with the addition of your name, but it should not rise as much as it would cost to take out your own insurance.
There's just one snag. The insurance companies will not provide no claims discount for named drivers, so taking advantage of this could make your car insurance policies more expensive in the future. A few firms will offer named driver no claims discount if a motorist does not make a claim - as long as they stick with the same insurer when they take out their own policy. The discount might also be smaller than the discount for the main driver.
You can include virtually anyone as an additional named driver. It doesn't have to be a family member or spouse. Some insurers may, however, impose age restrictions and you will not be allowed to add anyone who has been banned from driving.
Comprehensive insurance will often include anyone who drives your car with your permission, even if they are not a named driver, but this will normally be restricted to third party cover.
A word of warning: it is illegal to add your name to someone else's policy if you are the main driver or registered owner of the vehicle, a tactic known as fronting. Your mum should not, for example, take out insurance for your car and add you to her policy as a named driver.
There's just one snag. The insurance companies will not provide no claims discount for named drivers, so taking advantage of this could make your car insurance policies more expensive in the future. A few firms will offer named driver no claims discount if a motorist does not make a claim - as long as they stick with the same insurer when they take out their own policy. The discount might also be smaller than the discount for the main driver.
You can include virtually anyone as an additional named driver. It doesn't have to be a family member or spouse. Some insurers may, however, impose age restrictions and you will not be allowed to add anyone who has been banned from driving.
Comprehensive insurance will often include anyone who drives your car with your permission, even if they are not a named driver, but this will normally be restricted to third party cover.
A word of warning: it is illegal to add your name to someone else's policy if you are the main driver or registered owner of the vehicle, a tactic known as fronting. Your mum should not, for example, take out insurance for your car and add you to her policy as a named driver.
Some reports suggest that 45% of young drivers are without valid insurance because of fronting. But the penalties can be severe. Fronting not only invalidates your insurance but you could end up in court and unable to buy insurance in the future.
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