By: Sam Bisby
You’re at a time when everything is happening; you’re on your way to university and just got your first car. You think everything is going right, that is until you look at car insurance prices. Unfortunately statistics go against drivers under 25 as they are shown as more likely to make a claim, and insurance companies see this as a higher risk. It’s a real pain when you are at a stage in your life when you need money the most. Here we will look at tips on how to keep your insurance down and save you some precious money.
The type of car you have will have a big impact on your premium. The age, model, modifications and engine size will all play a factor in the cost of your motor insurance. Vehicles are put into insurance groups ranging from 1-50 by the Group Rating Panel and the lower the group, the lower the insurance. You can check the rating of your vehicle on the Association of British Insurance database here
Location & Security
You’ll have to list where you’ll be living when applying for insurance, so in this case the whereabouts of your University is taken into consideration. If your location has a high crime rate then prepare to be unfortunately penalised by the insurance companies for this. Parking your car in a secure place instead of by the roadside as well as investing in industry-approved steering wheel locks and immobilisers can reduce the risk of theft, thus easing the worry of the insurance company and bringing down the cost.
Types of Policies
• Comprehensive Cover – This is cover with all the trimmings. Your car is covered against accidental damage, theft and fire. It will also include an excess which is payable in the event of a claim. Generally, this is the most expensive insurance
• Third Party Cover – The bare minimum insurance you are allowed on the road with. This financially covers you for liability for injuring or damaging other people and property. There is no protection against theft, damage or fire with this cover. The cheapest policy you’ll find but not all insurance companies offer this anymore.
• Third Party Fire and Theft – Covers the same level of protection as Third Party, but also includes your vehicle against fire and theft.
• Telematics/Black box Policy – This is what some insurance companies offer to young drivers where you put a “black box” into your car and it will track your movements and driving patterns through GPS, so your insurer will be able to judge your driving by taking into account things like how rapid you accelerate, your cornering and how harsh or smooth your braking is. It’s a great way for inexperienced drivers to keep the price of their premium down.
A course designed for newly qualified motorists by the DSA. Pass Plus focuses on building your existing skills and knowledge to help you become a more confident driver. Stats show that new drivers are more likely to have an accident within the first two years of driving, and from successfully completing the Pass Plus course you can ease the fears of your insurers and use it to claim discount on your car insurance.
The amount of miles you annually clock up will be taken into consideration. If you do fewer miles then the cheaper your quote will be.
Don’t just get one quote; try getting a few to compare so you can judge the best deal. Use comparison websites, they are quick and easy and will help you find the right level of insurance for your car.
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