Saving Money On Car Insurance For Young Drivers
It is a rough time for many younger drivers to get cheaper quotes for their auto insurance. True, you hear about smart tips and tactics for getting the cheapest possible rates. Here are some smart tips that should help younger drivers get just what they want.
Drive in safe hours only
It could save you lots of money if you are ready to wear the chain on your leg. Most auto insurance companies are worried about their clients' nighttime driving - especially about those who drive regularly between 11pm to 6am. A report from the ABI (abbreviation for the Association of British Insurers), around 50% of fatal road-traffic accidents take place during the nighttime driving. And guess who the drivers are in most of the cases - under-21!
Adding to another policy can save fortunes
It really makes sense if you add yourself to the policy of older drivers. This in many cases saves a lot on young drivers' car insurance premiums. And you can always benefit by adding named drivers into your policy. This might shave off some of your premiums as well. This is important especially when they're older and happen to be more experienced. It gets only better if they have a clean driving record.
And when you must insure the car in your own name, make sure that you have transferred it in your own name too. This is important, as lots of insurers would not provide coverage unless or until the vehicle's main driver is the owner as well.
Increasing the excess
It can actually help if you increase the excess for saving some money on your premiums. But do make sure that you are realistic. Few people can or would like to afford a 650 fine following an accident.
How about a 3rd party insurance?
Third-party, or fire or theft cover might be much cheaper for lower value cars. And on the other hand, a fully comprehensive policy might work out quite cheaper for vehicles that are relatively expensive.
Consider adding yourself into a policy that already exists
If you are occasionally using somebody else's car, do think about adding up yourself to his or her existing policy. There are insurers, who will allow the named drivers qualify for no-claims discounts.
It might feel quite tempting putting your policy in other people's name (good examples are your parents or one of them) - especially when you are one of those named drivers. But when you're really one of those main drivers, this is called 'fronting'. Unfortunately, the law is not likely to consider this legal.
Insurers are always hot on the trails of fronted policies. So when they discover that you are practicing such a policy, they might refuse to cover any expenses arising out of your accident. They might as well file a fraud case or take legal actions against you.
Modifications might not be a good idea
In plain words, you should avoid modifications. Anything increasing the value, performance or appeal of your vehicle to car thieves should raise your premium. Many people are unaware of the fact that most insurers have their own standards for judging modifications. So do shop around to spot the finest possible deal when you have the vehicle already modified (as opposed to the factory specifications).
Drive in safe hours only
It could save you lots of money if you are ready to wear the chain on your leg. Most auto insurance companies are worried about their clients' nighttime driving - especially about those who drive regularly between 11pm to 6am. A report from the ABI (abbreviation for the Association of British Insurers), around 50% of fatal road-traffic accidents take place during the nighttime driving. And guess who the drivers are in most of the cases - under-21!
Adding to another policy can save fortunes
It really makes sense if you add yourself to the policy of older drivers. This in many cases saves a lot on young drivers' car insurance premiums. And you can always benefit by adding named drivers into your policy. This might shave off some of your premiums as well. This is important especially when they're older and happen to be more experienced. It gets only better if they have a clean driving record.
And when you must insure the car in your own name, make sure that you have transferred it in your own name too. This is important, as lots of insurers would not provide coverage unless or until the vehicle's main driver is the owner as well.
Increasing the excess
It can actually help if you increase the excess for saving some money on your premiums. But do make sure that you are realistic. Few people can or would like to afford a 650 fine following an accident.
How about a 3rd party insurance?
Third-party, or fire or theft cover might be much cheaper for lower value cars. And on the other hand, a fully comprehensive policy might work out quite cheaper for vehicles that are relatively expensive.
Consider adding yourself into a policy that already exists
If you are occasionally using somebody else's car, do think about adding up yourself to his or her existing policy. There are insurers, who will allow the named drivers qualify for no-claims discounts.
It might feel quite tempting putting your policy in other people's name (good examples are your parents or one of them) - especially when you are one of those named drivers. But when you're really one of those main drivers, this is called 'fronting'. Unfortunately, the law is not likely to consider this legal.
Insurers are always hot on the trails of fronted policies. So when they discover that you are practicing such a policy, they might refuse to cover any expenses arising out of your accident. They might as well file a fraud case or take legal actions against you.
Modifications might not be a good idea
In plain words, you should avoid modifications. Anything increasing the value, performance or appeal of your vehicle to car thieves should raise your premium. Many people are unaware of the fact that most insurers have their own standards for judging modifications. So do shop around to spot the finest possible deal when you have the vehicle already modified (as opposed to the factory specifications).
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