How to Reduce the Cost of Your Teenager’s Car Insurance
You may have thought your teenager’s driving lessons were costing you a fortune, but that is nothing compared to the cost of getting their first car once they have passed their test. Car insurance quotes can be eye-wateringly expensive for young drivers. Luckily, there are some good ways to reduce the cost. Here are the top 5.
Get a Cheap Car
Usually, the cheaper the car is to buy, the cheaper it will be to insure. Buying an older car could therefore save a lot of money on car insurance. Of course, you will want to make sure it is working correctly, and you may decide to get a mechanic to check it over before you let your teenager go out in it, but this can have a great impact on the insurance premium. They can always upgrade once they have a few years’ worth of no claims bonus.
Add a Black Box
A black box will track the way your teenager is driving. This takes into consideration speed, location, braking and cornering. This will give you peace of mind that they are driving to a good standard, as well as reassuring the insurance company. Black box insurance can be a lot cheaper than standard motor insurance. However, it is worth being aware that it will increase if your teenager is driving poorly. Quotezone can compare insurance companies that offer black box insurance for you, to make sure that you are getting the best rate on the market.
Cap the Mileage
If your teenager is not going to drive great distances, it can be cost-effective to cap the mileage. This means that you must declare how many miles your teenager is likely to do over the year. If they think they will do about 100 miles per week for example, cap the mileage at 5,500 miles and this will save money. However, if they go over this, they may be penalised.
Increase the Excess
The excess is the amount you agree to pay towards repairing the car if it is damaged and, the more you agree to pay, the less the insurance company will have to pay. This means that they can afford to insure the car for less as they are not taking as much of a risk. If your teenager is a safe driver, it is worth increasing the excess to get a better deal.
Add Another Driver
Adding a more experienced driver to the insurance policy can greatly reduce the premium. Anyone can be added if they have fully comprehensive insurance themselves and they have regular access to the car. The insurance must stay in the teenager’s name, but this is good because it will allow them to build up a no claims bonus and qualify for cheaper insurance in the future.
Teenagers are never cheap to have around, and neither is getting them on the road. At least you can stop giving them lifts if they have their own transport though! Follow these tips to make your teenager’s car insurance more affordable.
