The Car Itself
We all know that for a new driver (and many old ones too) the prospect of buying a new car is exciting, you’ve probably got an idea of what car you want as well. But that dream car might end up costing you an arm and a leg. Shop around, research a myriad of cars, how much insurance companies are quoting for them, etc. You’ll find the right balance of appeal and money saving. Something to keep in mind is that insurers put cars into groups, there are 50 of them, with 1 being the cheapest cars to insure and 50 being the most expensive, and it would be worthwhile to aim for the lower tier groups in cars you’re browsing.
The Levels of Insurance
Now, for those who don’t know, insurance isn’t as simple as “Pay money and get cover”; you need to think about what kind of cover you want/need. There are three levels of cover to choose from. The first is Third Party Only cover, meaning your insurer only covers you against claims from a third party, you don’t get cover upon damage caused to your car (if any), and this is the most basic level of cover. The next one is Third Party, Fire and Theft cover; this one covers the same as Third Party Only but with the added protection against damage caused during an attempted theft or as a result of a fire. The last level of cover is Comprehensive; it covers everything the last two cover but with the added protection of covering your car if you were at fault and caused the damage. Looking at this, you might think that Third Party is the cheapest, and 9 times out of 10 you would be correct, but there may still be one time you’re not. Some insurers may consider you less of a risk by virtue of you simply enquiring about Comprehensive cover so it is best to compare.
The Infamous Black Box
Now you know of the various levels of cover you can choose from, it’s time we talk about ways within your cover you can save on insurance. Nothing is more tried and tested than a black box policy. The black box is a device that is installed into your car which lets you, your insurer (and your parents if they are paying for it!) monitor your driving skills, and it can show you what areas you are good in and what areas need improvement. This device can help more careful drivers save extra money based purely upon their driving habits alone. A downside is that some insurers may include a curfew within their black box policy but you can find black box policies without curfews too.
Adding a Named Driver
Adding another driver, someone who is proven to be a reliable driver, can save you a good deal of money. It tells insurers that you won’t be the only person driving the car so it considers the risk lessened due to the fact that a reliable driver will be handling the vehicle. Be aware that you declare yourself as the main driver however, because if you don’t and you use the car more than the declared main driver it is called “Fronting”. This is a form of Insurance Fraud and will render your policy void (and could lead to more serious consequences).
The realm of Young Driver Insurance is tricky to navigate, especially for first time drivers, and even more difficult to save your bank account a major hit. But hopefully this short guide has given you the information necessary to minimise the hit you would otherwise have taken and to get you on the road as fast (and as covered) as possible.