The savings have been calculated by Compare the Market, which found that the average annual premium for a young motorist named as the sole driver on a policy is £2,140. But adding an additional named driver brings the typical premium down to £1,859.
However, the price comparison site warned that all named drivers must drive the car for the policy to be valid.
The research also found that motorists aged between 25 and 34 could save up to £295, on average, by adding a more experienced driver to their policy.
For motorists in this age group, the typical premium for a driver is £751 if they have another named driver on the policy, compared to £1,046 if there are no additional drivers.
Car insurance costs have surged in recent years, with young drivers facing the steepest increases. The average premium for a motorist aged under 25 with no additional drivers now costs £2,140 compared to £1,783 last year, a £357 increase.
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The cost of car insurance usually declines by adding an experienced driver to the policy as insurers typically take both motorists’ information into consideration when determining the premium, based on the car being shared.
However, it’s essential that motorists are honest and careful to avoid “fronting”. Fronting is a type of insurance fraud and is when a driver lists a more experienced driver as the main driver on their vehicle, even though they do most of the driving.
If a young driver is caught fronting, their policy could become invalid, and they could face criminal prosecution.
Julie Daniels, motor insurance expert at Compare the Market, said: “Many younger drivers are likely to be struggling to stay on the road as the cost of car insurance has risen by 19% in the past year. For these motorists, adding an experienced named driver to their policy is a legitimate way to bring down the cost of insurance.
“Young drivers could save a significant amount of money if they add a parent or other experienced driver to their policy. However, all the information given to your insurer must be accurate. Young drivers should take care to avoid fronting as it could lead to a criminal record, an unlimited fine, and six penalty points.”
Related: Car insurance premiums rise by a fifth as drivers warned about ‘essentials’ cover
