Finding the best car insurance deal isn’t always the easiest, but it’s certainly possible.
However, customers can add up to £5,000 onto their yearly premiums by making one simple error.
Prices will rise dramatically if motorists add their child as a second driver onto the policy.
Research by Moneyshake found putting a young driver can see prices soar dramatically.
The comparison website also saw that in some cases adding a second driver can actually lower premiums too.
But only when a more experienced driver is put onto the insurance or someone with a no claims policy.
Moneyshake found simply adding your spouse or partner can save drivers a whopping £186 per year on their policy cover.
But a young or more inexperienced driver can be considered high risk so therefore costs will rise as much as 545%.
Eben Lovett, CEO of Moneyshake, urged parents of young drivers to “shop around” when trying to find the best deals, reports Express.co.uk.
He said the website’s research shows adding a less experienced motorist could see prices increase by up to £5,000 a year.
However, Confused.com warns adding an extra named driver to the policy could run the risk of others losing their no claims bonus.
So in the event of an emergency, small amounts of damage could see prices surge.
But despite the risks and costs, parents still add their children to the policy because it helps them to save money.
Go Compare research found that one in ten parents have insured a car in their child’s name for that reason.
But parents who add their kids to the policy must ensure that they are the main driver.
Because if the motorist is only doing that to reduce costs it is then considered as fraud.
Anyone caught with incorrect information could risk getting a criminal record, according to RAC.
They could even run the risk of being backlisted from any car insurance providers in the future.