Cutting the Costs of First Time Insurance

Posted by at 2 December 2017, at 22 : 26 PM

Cutting the Costs of First Time Insurance

One big thing that puts people off getting their driving license today is the cost. If you opt for professional driving lessons, you could be paying $100’s or even $1000s before you get on the road. Then, even after you’ve got your license and can drive on your own, there’s the cost of a car to think about if you haven’t already got access to one. Then, there’s tax, gas money, and the cost of any repairs and services that your car may need throughout the year. But, ultimately these costs can pale in comparison to the cost of insurance for a first-time driver.

Car insurance is a legal requirement; you’re not allowed on the roads without it. To be frank, even if this weren’t the case, you wouldn’t want to be without it. Cars are expensive and repairing them can be tricky. Having an accident without insurance to cover the costs could be crippling. Even the cost of a respray and some other cosmetic repairs after a minor scrape can be more than most new drivers can afford out of their own pocket. Your insurance is a worthwhile investment that protects you both legally and financially. However, this doesn’t mean the prospect of paying if isn’t breathtaking.

If you manage to get through your first year of driving without incident, your insurance premiums will start to drop, and continue to do so every time you have a good year behind the wheel. But, until then, you’ll be glad to know there are ways to lower the costs. Here’s a look at some of the best.

Ask Your Parents

If you still live at home, it can be a good idea to become a named driver on your parent’s policy for a while when you first pass your test. This will increase their premiums, but it gives you a chance to build up some bonuses and experience before going it alone. If you move away to college at some point over the life of the policy, remember to tell your insurance company as you may be eligible for a discount while you’re not around to drive the car.

If you’ve already left home but could use a partner or spouse’s car this is another option. You could also have them added to your insurance policy as a named driver, which would decrease your payments. But, companies are more careful with this kind of thing nowadays, so don’t have someone added if they won’t ever be driving the car.

A final option if you live with another driver is a multicar policy which many providers issue now so many households have more than one car. You’ll still be able to specify who can drive what car, and the new driver insurance will still be significant. But, there may be large savings for the household on the whole.

Buy a Safe Car

Older, less safe cars or those without modern safety features and additions are much more likely to have an accident or be more seriously damaged when they do. This makes them a substantially higher risk for insurers. This increased risk means your premiums will be a lot higher.

Instead, choose a safer car from Porky’s Auto Palace. Cars which fall into the family category are often safer and well looked upon by insurers.

Raise the Deductibles

Insurance policies usually include compulsory and voluntary excess. This is the amount you have to pay, out of your own pocket, if you make a claim. This is generally speaking to stop people claiming for everything. A chip in your windscreen, for example, is cheaper to repair yourself, than to claim for when you consider the deductible you’ll have to pay yourself and the loss of any no claims bonus. The higher you chose to set these deductibles, so the more you have to pay in the event of a claim being made, the lower your premiums are likely to be.

Keep the Car Somewhere Safe

Cutting the Costs of First Time Insurance

Sometimes, it can be smaller changes that make a big difference to your insurance cost. One of these things is where the car is kept, especially overnight. If you can keep it in a secure car park while you are away from home, and in a locked garage overnight, your costs could drop. If not, make sure it’s close to home and fit an immobilizer for extra security.

Study Hard

If you are still in school, you may find that some insurance policies give discounts to students who work hard and maintain good grades. Just like applicants that are married or have children, those that get good grades are thought to be more responsible and mature. Making them less likely to cause an accident through recklessness.

Take Extra Classes

Away from school, there are other classes that you could take to reduce your insurance costs. Firstly, you should take professional driving lessons instead of simply learning with a parent.

Then, look for extras. You may be able to do an online safety course or watch a safety video provided by the insurer. Some may even offer night time driving lessons or extra tests you can take. This has the bonus of boosting your road safety and knowledge as well as cutting the costs of your insurance and so is well worth doing.

Shop Around

Use comparison sites to help you look for insurance. But, remember not all providers are on them so don’t miss out by not checking everywhere. It’s a good idea to start by looking at any other insurance policies you may have. If you’ve got home insurance, travel insurance or any policies for specific products, the provider might be able to offer you a special deal if you take out another policy with them.

You should also think about your situation and conditions. Some companies provide insurance just for women or younger drivers. They may be able to help.

Cutting the Costs of First Time Insurance

That first insurance policy can be terrifying. But, instead of letting it put you off, find ways to cut costs. Then, drive carefully, and you’ll find future years massively cheaper.

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