Put away those flowers and football tickets
So put away those flowers and football tickets and use that bribe for something less dangerous. We'll help you with some ideas of how to reduce your insurance costs on the right side of the law...
1) Buy a car that’s in a low insurance group. If you can find one where you don't have to pay tax either, you'd be making double savings – granted it may not be your dream car, but it'll help you get on the insurance ladder.
2) Start collecting that all important no claims discount (or bonus). This is a way for insurers to reward you for careful driving and not making a claim for any other incidents such as theft or damage as well as to encourage you to keep driving safely. Every year you're claim free you'll receive a further discount. By the time you reach five years you could be receiving a significant discount – which is another good reason to get your own policy in your own name straight away.
3) Although they can’t be listed as the main driver of your car, you can list your parents as named drivers, and that may actually reduce your premium. So you can use this excuse when you want them to pick you up from the pub – at least they can use your car! But remember, only do this if they will be using your car as otherwise you’re venturing into fraud territory again.
4) Don't buy a car with modifications or make any modifications to your low insurance group car... it's probably not worth it. You might just end up with a hike in your premium or having your policy cancelled. Modifications can make your car more attractive to thieves or more risky to drive which means it will cost you more. Even new lights and car stickers are seen as ‘mods’.
5) Get yourself a little black box. Telematics insurance is a recent development in the insurance world and it can really help careful people who because of their age and experience may otherwise have high premiums. Co-operative’s young drivers insurance works this way. In exchange for installing a gadget in your car, you’ll be offered the opportunity to have a lower premium. The black box monitors your driving – the safer your driving is, the lower your premium will stay. Be careful though, it works the other way too, so if you drive fast or dangerously you may find your payments go up.