Practical tips for new driver insurance
Well the good news is there are a number of things you can do.
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2) The value and type of car
The car you have and how much it costs can affect the premium. If your first car is new, high powered or a luxury model, you are likely to have a high premium.
While a standard model with a smaller engine might not be quite what you wanted, it could save you money on your car insurance until you’ve built up your NCD and increased in age and experience.
In insurance speak, your policy compulsory excess (young driver excess or inexperienced driver excess) means the amount of money that you would need to pay in the event of an accident before your insurance policy kicks in, and this is set by the insurer.
Then there’s voluntary excess that you can choose to pay on top of this. You might think that this is a number that you want to keep as small as possible in your policy. However, increasing your excess from the minimum amount to one that you can still afford, could help to reduce your premium.
4) Coverage with other drivers or policies
If you’re a new driver and share the vehicle with a more experienced one, adding this second driver might save you money. Even an occasional experienced extra driver with a good record could make a difference.
Just make sure you don’t put forward the other person as the main driver if that isn’t the reality.
This is known as ‘fronting’, which is a type of fraud and, at the very least, could invalidate your policy.
Insurers love any extra security measures you can take to protect your car. Things like an immobiliser can help to reduce your premium as you’re reducing the risk of the car being stolen and a claim being made.
6) Modifying your car
While you think that new stereo system or spoiler is a necessary addition to your car, your insurer won’t. Insurers may refuse to insure a car with modifications and those that will may charge a significantly higher premium. Make sure you weigh up whether those additions are worth it.
7) Restrict how much you drive
Limiting the amount of time you’re on the road obviously reduces your risk and with it, your premium. Most insurers will ask you for a mileage limit, so set this as low as you think you can comfortably achieve – just make sure you tell the truth to avoid an invalidated policy.
8) Drive well
Good driving can stand you in good stead. Speeding or incurring points on your licence can mean your premiums increase too. If you do get points though, it’s important you tell the insurer as they could affect your premium, you might void your cover if you don’t keep them informed.