Is the cost of young driver’s car insurance too large a price to pay?

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Is the cost of young driver’s car insurance too large a price to pay?

Date Added: June 30, 2010 08:20:09 PM

Author: motordir

Category: Motor Insurance

Is the cost of young driver’s car insurance too large a price to pay?

Recent research by www.i-kube.co.uk, specialists in young driver’s car insurance, found that 90% of young drivers* believe that the cost of insurance is the biggest barrier to getting and staying on the road.

9 out of 10 young drivers that entered their online poll confirmed that the cost of insurance was the most expensive part of driving. The actual cost of the car was the second most expensive.

Below are 10 tips to get you on the road without breaking the bank.

1. Shop around Seems simple enough but it’s a much over looked task. Even if you take an hour out of your day, you could save money on your young driver’s car insurance. Don’t just opt for price comparison websites as many niche or unique young driver schemes may not be on them. Use search engines such as Google to search for companies that suit your needs. The more specific you can be with what you are looking for i.e. by searching for ‘young drivers car insurance for an 18 year male with 0 NCB’ the more chance you have of finding those niche insurers.

2. Go for insurers that offer recognition for Pass Plus Some insurers will significantly reduce your young driver’s car insurance premiums by up to 35%, if you successfully complete the Pass Plus training course.

Pass Plus is a scheme run in the UK aimed at young drivers who have just passed their standard driving test. Courses are run all over the UK and can take approx. 6 hours, costing anything from £20 to £150.

For 6 six hours of your time and no more than £150, Pass Plus could pay for itself over and over again– possibly saving you a shed load of money on your young driver’s car insurance. Pass Plus is not another driving test, it’s simply a course that gives extra tuition such as motorway, rural or late night driving.

3. Buy a car that you can afford to insure It’s an easy mistake to make. You see a car, fall in love with it, buy it and then find out that you can’t insure it because the insurance would strangle you. A rule of thumb is: the lower the car insurance grouping – the lower the cost of insurance. If in doubt, get a couple of quotes before you make your final decision.

4. Be realistic with your car mileage. If you over state the amount of mileage that you will cover in a 12 month period it could affect your insurance premium. It’s vital that you are as honest and as accurate as possible and you may need to take advice from your parents, peers or failing this the lady/gentleman on the other end of the phone when you’re getting a quote.

5. Add another driver Surprisingly, if you add a more experienced driver, i.e. your parent, to your car insurance policy you could see your premiums discounted. However, we can not stress how important it is to be honest. It’s against the law to state that the more experienced driver is the main driver if that is not the case. It could invalidate your insurance and also get you in trouble with the law.

6. Get the right cover When you get a quote for car insurance, insurers will ask you what you use your car for – social, commuting or business (or any combination of these). If you don’t use your car for business purposes or getting to work, college or school just opt for “social, domestic and pleasure” and your premium may be cheaper.

7. Park your car off the road. It makes sense that your car is more likely to be stolen, vandalised or damaged if it’s parked on the road over night. Insurance premiums are made up of lots of insurance risks or factors. Where your car is parked over night is just one of them. So, if you have space on your driveway or in your garage and you can park it there over night, please do so and let your insurance company know.

8. Buy a standard car make and model. If you buy a car that is rare it’s going to cost more to insure than a car that is more common. It makes sense if you think of it through the insurer’s eyes. If you have an accident and the car has to be repaired or replaced, the more difficult the parts are to replace or the more specialist a garage is needed to complete the work, the more it’s going to cost.

9. Pay annually It can sometimes work out cheaper to pay it all off at once. If you opt to spread payments and pay by monthly direct debit, you will be charged interest or otherwise known as APR.

10. Consider a specialist insurance scheme that incentivises safer driving.

There are a few specialist insurers available. All have different offers, terms etc but one that seems very popular amongst 17 to 18 years olds is www.i-kube.co.uk. i-kube are able to offer a discount of up to 40% on the standard premium their insurer would charge, providing you agree to the installation of the i-kube GPS device to your vehicle and to the limitations regarding driving your car between 11pm and 5am.

* Research conducted by i-kube.co.uk in Feb 2010. 191 respondents, of which 171 thought the cost of insurance was the most expensive part of driving.

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