Black Box Cover
Not everyone likes the Black Box but this little tool can help you save as many pennies as possible. It lets your parents, your insurer and (more importantly) you keep track of your driving habits, giving you the ability to see where you’re lacking so you can improve and thus lower your insurance costs that much more in future years. “But doesn’t that mean I have a curfew?” I hear you say! Not always, I answer! Some black box policies do come packaged with a curfew, while others don’t, and it depends upon whom you chose to insure your vehicle with. Not every company has a curfew as part of their Black Box Cover, though in some cases, it could certainly help to keep your driving score high if you’re not driving at night. Getting a black box policy is possibly the easiest way to lower costs when it comes to your premium if you’re a careful driver.
Comparing Quotes on Policies
This may seem simple enough but the price of the quote is linked to more than just how it affects your bank account. The quality of the cover, whether it covers everything you need or if it covers things you don’t need, is important as well. In the case of insurance, it is best never to take a risk in the event that you need cover you don’t have. You just need to find the right balance between affordable cover and right level of protection.
Reducing your Mileage
This is pretty self-explanatory; the less time you spend on the road per annum, the less of a risk you are considered to be to your insurer, and that means a lower premium because you’re a safer bet. So, set your mileage per annum as low as you realistically can. Be careful though! If you make a claim for something and your insurance provider discovers that your mileage is not accurate and you have gone over your policy limit, they could decide not to pay out. Also, some young driver policies are mileage-based and so you will be expected to buy more miles if it looks like you will use more than you originally purchased – a bit like a pay-as-you-go mobile phone, you’ll need to top up if you run out (though the price may be more expensive than if you bought more miles at the start).
Adding a responsible named driver
Many parents of young drivers opt for this, as having a more experienced driver as a named driver on your policy can decrease the cost of your premium. Just remember, don’t say they are the main driver if they’re not. That is called fronting which is a form of Insurance Fraud, which can not only invalidate your insurance but also can lead to a criminal conviction, and you don’t need that on your record when you’ve only just started driving!
Do not assume Third Party cover is the cheapest
For those who aren’t aware, there are three types of car insurance: Third Party Only, Third Party, Fire and Theft, and Comprehensive. How it is laid out here you would assume that Third Party Only would be the cheapest because it offers less cover than the other two, but this isn’t necessarily true all of the time. There is a rationale behind this, as insurers can think that people who choose third-party insurance may be more of a risk. This means that in some cases you could save more by having a higher level of cover.
So, as you can see insurance for young drivers doesn’t have to be a ridiculous expense. The ways listed above are not the only ways to minimise cost but they are (arguably) the best ways to get the most cover for the least amount of monetary cost to you.