Young Drivers Motor and Young Drivers Car Insurance
Young drivers often
have to pay large car insurance premiums to insure their cars. This probably
reflects the inexperience of young drivers. To an insurance company, a
young driver who has recently passed a driving test will seem a much greater
risk that a thirtysomething man or woman.
I am a young driver, how can I get cheap car insurance?
There are various things that you can do to reduce your insurance premium. You can elect to increase your voluntary excess. Most motor insurance premiums have a compulsary excess, but if you agree to a voluntary excess as well it usually reduces your premium. If you only travel 5,000 miles per year, tell your insurance company. Informing the insurer that you travel limited miles within a year usually makes your motor insurance premium cheaper. Don't include your 19 year old brother who has just passed his test. It might seem like the brotherly thing to do, but having a young, inexperienced driver on your insurance is a sure way to increase the cost. Garage your car overnight. A car locked away in a garage overnight is less likely to be stolen or damaged. This should knock a few pounds off your premium.
But above all, be a safe driver. A full "no claims" discount can knock well over 50% off your premium.
What is a "no claims" discount and how can I increase my no claims discount as soon as possible?
As a reward for not making any claims against your motor insurance, insurance companies will give you a "no claims" discount. For example, if you have not made an insurance claim for 12 months, your insurance premium may be reduced by 15%. The percentage discount will continue to rise the longer you go without a claim up to a certain limit (usually 5 years). You will then have what is known as a maximum no claims discount.
If you do make a claim once you have built up a "no claims" discount, your discount will usually be reduced (unless you have a protected no claims discount). The exact way that this works will depend on your particular policy, but as an example, if you have 5 years no claims discount and you then make a claim, your no claims discount may be reduced to 3 years.
Rapid bonus accelerator plans
A Rapid Bonus Accelerator plan is a comprehensive car insurance policy that allows young, safe, drivers to build up their "No Claims Discount" quickly and therefore develop lower future insurance premiums. This is achieved because the car insurance policy runs for 9 months instead of 12. At the end of the 9 months, if you don't claim, you get 1 year's no claim discount in just 9 months. So in a 5 year period you could gain full no claim discount 15 months earlier. Different car insurance companies will call their own version of this type of scheme different things, so just ask if they have a scheme to increase no claims bonus quickly.
Terms and conditions vary from insurer to insurer. Some car insurance companies offer these bonus accelerator car insurance products to all drivers, but others only offer them to your drivers. To qualify you may have to meet certain conditions such as having no claims, accidents or convictions or by driving a car that falls below a certain insurance group.
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