Advice and Tips //17 January 2013
With the average insurance premium for under 25’s coming out at a crushing £2,800 a year, searching for car insurance can seem like a minefield for young drivers. Girls are no longer able to benefit from cheaper car insurance and could see their previously low insurance rising by up to £2,000. Despite the apparent doom and gloom there are still plenty of young drivers out there that would still love to sit behind the wheel of a nice car and so here are some tips on beating those sky high insurance premiums:
An obvious one but an essential tip none the less. Make sure you search on a number of comparison sites and don’t forget to call the insurers that don’t appear on these sites. Don’t be too shy to haggle and be honest about other quotes you have been given – if you’ve had a lower quote elsewhere, tell them.
If you think you’re a good driver then prove it to insurers and get a blackbox fitted to your car. It will monitor acceleration and braking, it then charges you every 90 days taking into account any discounts.
This is quite a simple but effective way of paying for your car insurance. A tracking device is fitted to your car and the less you drive the less you pay. You can choose your premium based on your annual mileage or pay as you drive.
Clearly the more modifications you have the more expensive your car insurance will be, however this is another case where shopping around is essential. Look out for insurers such as Adrian Flux who specialise in modified cars.
By paying for your car insurance monthly you will be subject to interest on top of your insurance premium.Wherever possible saving for your car insurance means that you can pay the premium in one lump sum and will avoid paying any interest, leaving you with more money for the day to day running of the car.
Stick to these tips and persevere with your insurance, as you build up your no claims bonus your insurance premium will start to fall.
If you’re the proud owner of your very own driving license but the car you’ve been dreaming of is still a little out of reach, check out our online finance calculator and find out how the expert team at Moneybarn can help you get behind the wheel of that perfect car.