The cost of car insurance has reached a record high with young drivers paying up to three thousand pounds but some are finding ways to cut the costs.
While most invest in a blackbox the price remains so high that young drivers are being added to a parent’s policy as a named driver.
It is actually illegal if the young driver is the main driver of the car, but only insured as a named driver behind a parent – it’s known in the industry as fronting.
Fronting costs the UK insurance industry millions of pounds per year, with the danger being that if a driver is caught, they face a six-points on their licence and an unlimited fine.
Getting into an accident without having the correct insurance could lead to prosecution and a lack of cover on your car, leaving up a hefty bill after all is said and done.
A spokesperson for the Association of British Insurers told The Guardian that you are taking a big risk if you decide to deceive your insurer.
“If you lie to your insurer, you risk invalidating your insurance and a criminal prosecution. You may also struggle to get cheaper insurance in the future.”
But young drivers are faced with expensive and unaffordable premiums and without a way to commute, as insurance premiums have hiked over 20% over the last year.
And forecasters predict that it isn’t set to slow down any time soon, with the cost expected to continue to increase throughout 2024, leaving even more young drivers in ruin.