How can Students save money on their car insurance?
It is not legal to drive without minimum third party insurance. Therefore, avoiding cover is not a valid option.
In addition, you may also wish to consider temporary student car insurance should you drive your car occasionally, maybe during holidays. This may work out cheaper as then you would just need to pay for the months or weeks you actually use the car as opposed to insuring the vehicle for the entire year.
An alternative to short term insurance is a pay-as-you-go policy. The insurer fits a 'black box' to your car which tracks the number of miles you drive and whether or not you drive at busy times, at night, or on dangerous roads. It can monitor your acceleration and braking speeds.
The black box has a huge impact on premiums as it rewards motorists who drive few miles. You can earn discounts should you drive safely, say by avoiding driving at night time.
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How to obtain cheap student car insurance deals
You can take several steps to reduce costs related to student motor insurance policies:
- Opt for cars in a low insurance group. Insurers classify cars into one of 50 groups, dependent on various factors including engine size. Should your car be in a lower group, you are likely to pay a lower premium than a person with a car in a higher group.
- Do not alter your car in any way as additional headlights may not meet insurer's rules. This is of greater importance when it relates to student car insurance deals.
- Should you have security devices like an approved alarm, immobiliser and a tracking device, the less likely it is that your car is stolen and you can receive a discount on your premium.
- You can also save money should you have completed the Driving Standards Agency's Pass Plus course, intended to improve the driving skills of recently-qualified motorists.
- You can add an older, more experienced driver to your policy, for example, a parent. The insurer operates on the basis that the driving is going to be shared and thus the premium is reduced accordingly. However, never ask anyone to insure the car in their name should you be the main driver as the tactic is known as “fronting” and is illegal.
- You can opt for a higher voluntary “excess”, the excess being the amount you pay towards a claim and all policies come with a compulsory excess, of around £250. Should you agree to pay a higher voluntary excess, you ought to pay a reduced premium. Opt for a premium you can afford.
- It is always somewhat cheaper to pay upfront as opposed to spreading your premium over monthly instalments.
- If your car is not worth a great deal, it may be worth considering third party or third party fire and theft cover. Ensure that you compare various quotes as premiums for third party insurance are not always the cheaper alternatives.