There are few positive things we can say about Coronavirus, but one that springs to mind, is that it has driven down the price of car insurance for under 25s , simply due to the fact that lockdown has seen a reduction in claims. However the average cost for under 25s is still at the staggering £900 mark per year. So how can you reduce cost of insurance…
The Insurance Experts Suggest Their Top 10 List
- Don’t assume third party is the cheapest…
- Adding a 2nd or 3rd responsible driver can cut your premium such as a parent or aunt
- Timing… purchasing your car insurance 20-26 days before renewal can be the cheapest time to buy and can potentially save £££
- Demonstrate to your insurer you’re not the stereotypical ‘high risk’ young drivers/ insuree (i.e extra driving courses/ parking location/ security devices / don’t just opt for bare minimum level of insurance consider comprehensive policies which may offer more value for money then you think)
- Tweak your job title… don’t ever lie but updating this can sometimes save you £££, try it and see if it works for you
- Always, always, always tell the truth… full disclosure when it comes to your future insurer is a must. Lying about anything from modifications, to past claims and even job status can invalidate your policy and lead to prosecution
- Never ever auto-renew, it’s singularly the most expensive thing you can do. Take some time and search online for new deals, and remember if possible 20-26 days before your policy is up for renewal – this is when you will find the most competitive deals and save yourself £££
- Multi-car cover is another great way to save money, if you live with parents or have the use of more than one car- this can save you £££
- It’s all about Telematics especially when it comes to younger drivers, these black box policies can help you save £££ so its worth thinking about
- Finally think about your excess carefully. You may think it’s better to set this low, helping to save you money but think again… If set it correctly you can save £££ on the overall policy and sometimes even protect your no claims bonus.
Now you know the top ten tips, start looking for the best insurance deals out there for younger drivers… Get online and gain quotes from the top comparison sites.