Car insurance is the bane of many young drivers. For many, it’s the biggest cost associated with driving – you can often buy a car for less than a year’s insurance. Fortunately, there are several tricks that can have you paying less.
Don’t buy brand new
New cars are generally more expensive to insure, so it’s worth steering clear of them. Of course, this isn’t true with all models – any classic sports car will still be expensive, whilst some new super-safe, super-secure cars can cost less. However, on the whole, you’re better off searching for a vehicle in used car sales if you’re looking for lower insurance rates. Not only will the insurance be less, the sale price will be drastically cheaper. Depreciation value is also less as a general rule. Some new cars can be more economical of course, resulting in less fuel consumption and cheaper road tax. All of this is worth weighing up against insurance.
Up your deductible
The deductible is the amount you’re willing to pay out of your own pocket towards any claims. By raising your deductible, your insurance rates can get lowered. You do have to be careful however as it could make it costlier for yourself if you do get into an accident. Some insurers may have an excess charge, which is basically the same as a deductible.
Consider group insurance
It’s possible to save costs by getting insured on your parents’ vehicle as an added driver on their scheme. By doing this, you’ll pay your parent’s rate instead of the usual young driver rate. You should be careful however of getting a new vehicle for yourself and claiming that your parent is the main driver when in fact your parent may never drive the vehicle at all. Whilst this can result in a lower rate, it’s known by insurers as ‘fronting’ and can result in persecution if you’re found to be lying to an insurance company.
Consider an advanced driving course
Taking an advanced driving course can prove to insurers that you are a safe driver and result in lowered rates. This can be a great way of getting round young driver insurance rates although it does require paying for advanced driving lessons. It’s possible to pay more for this course than the discount you get out of it – shop around for the cheapest course to save money.
Consider a black box
Black box insurance schemes can also help to lower your insurance rates by proving to your provider that you’re a safe driver. These schemes involve having a black box fitted to your car that reads your driving performance including every time you break the speed limit. Some people may find a black box too invasive. Careful drivers that barely ever break the speed limit however should consider these schemes as it could be an easy way of saving money.