Most expensive universities for students to insure their cars | Personal Finance | Finance

Students at the University of Leeds could be paying £4,800 per year for car insurance – double the average across all campus universities – according to a new study.

Experts at Independent Advisor Car Insurance used addresses for 60 universities across the UK to find average car insurance quotes for students, uncovering which universities are the most and least expensive for new drivers to insure their vehicles.

Average quotes using the an address for the University of Leeds came to £4,804 per year, double the average across all universities in the study (£2,400).

Ranking second is Aston University in Birmingham, with an average annual quote of £4,616 for students to insure their cars. This is over £2,200 more per year than the average in the study.

In third place is another Birmingham university: University of Birmingham. The average quote using this university address came to £4,562.

Top 10 most expensive universities for car insurance

According to the study, the cheapest university for students to insure their cars is the University of Winchester at £1,263 per year. The quote for students using this address was almost half the average across all the universities in the study (£2,400).

Ranking in a very close second is Wrexham University in Wales. The average quote for students at this address was just £1,267 each year.

In third is another Welsh university: University of Aberystwyth. Here, the cost is £1,430 annually, almost £1000 below the average annual quote in the study.

Top 10 cheapest universities for car insurance

Connor Campbell, expert at Independent Advisor Car Insurance, said: “Many young drivers are shocked when they see the quotes for their first car insurance policy, but there are a few key tips that could bring that cost down to something more manageable.”

• Adjust the details of your policy: There are many factors that go into the cost of an insurance policy, and changing those features could bring down your quote significantly. For example, opting for a higher voluntary excess (but only one you could reasonably afford), or lowering the mileage (if you know you won’t be covering that much distance) can both reduce the cost of your cover. You should also compare the cost of comprehensive insurance against the price of third party cover – it’s surprisingly often the former that comes out the cheapest. 

• Consider black box insurance: Not only is taking out black box policy – which sees your provider monitor your driving habits through a small device fitted in your car or an app on your smartphone – often cheaper up front, it allows new drivers to prove that they are safe behind the wheel. This may bring down insurance premiums long-term.

• Add a low risk driver to your policy: Adding a more experienced named driver to your policy, such as a parent, could bring down the cost, as insurance providers may view this as lowering the risk. However, this person must intend to use the car, otherwise you could risk invalidating the policy, so this may not be the best option for students living away from home.

• Choose your car wisely: The type of car you drive also plays a big role in the cost of insurance. Cars are sorted into insurance groups ranging from 1 to 50 (with 1 being the cheapest to insure); opting for a car in a lower insurance group is one of the best ways to save on your policy. You can use online tools to check the insurance group of any vehicle before purchasing.

• Don’t buy cover last minute: The closer you are to your policy start date, the more you’ll end up paying for your car insurance. We’ve found that younger drivers can save more than £100 by buying cover 28 days before they need it instead of one week prior.

• Shop around: Exploring all your options when looking for an insurance policy is absolutely key. Going with the first quote you are provided with is unlikely to be the most affordable choice; using comparison tools and looking at a variety of providers is always beneficial.”