Image by An en Alain, Belgium
It's an unfortunate fact that young drivers, who typically have much less disposable income, are faced with much higher insurance premiums. There are a few things that can be done, however, to keep premiums low for shallow-pocketed youths.
Still Learning?
Often the best insurance cover for learner drivers is temporary car insurance. It's flexible and inexpensive, and means that parents don't have to risk their no claims bonus by adding their teenager to their policy.
Security Device
Fitting an alarm, immobilizer or tracker to your car can reduce insurance quotes. Thatchum-approved devices are evaluated against The British Insurance Industry's Criteria for Vehicle Security.
Parking Overnight
Even if it's a bit further to walk from your home, parking in a lockable garage overnight, especially one with CCTV coverage, will bring down your premiums.
Comparison Engines
You'll recognise them mostly from cheesy TV adverts, but comparison engines such as Confused.com, BeatThatQuote and GoCompare are the quickest way to compare the vast majority of quotes you're eligible for in a single search. Try adjusting your voluntary excess on the form to see how this affects your quotes. Also be sure to check out Aviva who aren't on comparison websites.
Try Different Policy Levels
The three levels of insurance cover are usually: ‘Third Party only'; ‘Third Party, Fire and Theft'; and ‘Fully Comprehensive'. While ‘Third Party only' is traditionally the cheapest, some insurance companies do not offer this level of policy, and comparison search engines might leave lower quotes out because they provide more cover than you wanted. Be sure to check your quotes for all three levels, as you might find you'll get more cover than you expected for a similar cost.
Driving Courses
Passing an advanced or defensive driving course can also lower your insurance quotes. Pass Plus is a government-run driving course recognized by many insurers.
Black Box Technology
This is not a device from a sci-fi action movie, but it is relatively futuristic. The device attaches to your car and monitors your speed, braking, acceleration, turning, etc. If your driving is smooth and careful, your premiums may be lowered. Speak to your insurer about policies that make use of black box technology.
If you're not sure how you are going to pay for your insurance, Money Dashboard is a useful budget planner. You can save up for a single one-off payment, or if you're paying monthly we can show you how much you'll have left to spend after your monthly bills.
