Young or inexperienced drivers have a difficult job when it come to accessible affordable car insurance, despite the recent depreciation in premium costs throughout the UK. While the average cost of car insurance coverage has dropped by almost 10% during the last 12 months, there are still concerns that service providers are inadequately evaluating risk and applying unnecessarily harsh premiums to certain driver demographics.
Saving Money on your Car Insurance Premiums
With this in mind, young drivers should seek out every conceivable advantage when looking to drive down the cist of their car insurance premiums. Consider the following: –
- Understand how Insurers Work: One of the biggest issues facing young drivers is a lack of knowledge, as there is a fundamental misunderstanding concerning the role of insurers in 2013. The industry has experienced considerable change in recent times, with the gender neutral rule having had a significant impact on the amount that young female drivers are forced to pay in annual premiums. Modern companies also evaluate risk based on your post code and the type of vehicle that you own, so it is important to understand this prior to entering into negotiations.
- Complete an Advanced Driving Test: Once you have passed your test as a young driver, it is tempting to get straight behind the wheel and hit the road. You may be better served by applying to complete an advanced driving test, however, as this will improve your driving skills and enhance your standing in the eyes of individual insurers. It will cost a nominal fee but its potential savings are vast, especially when you consider the complex criteria applied by insurers to measure an applicants risk.
- Adopt a Long Term Approach to Car Insurance: Your choice of car is critical as a new driver, and purchasing a reliable, low cost vehicle can help you to secure relatively low insurance premiums. This should form part of a long term plan to gradually lower your car insurance, as you look to build an unblemished driving record and improve the quality of your vehicle as you do so. While this requires effort, patience and discipline, it will enable you to spend as little as possible in annual insurance premiums.
The Last Word
Whether you buy a new or a used car, it is your duty as a cash conscious consumer to minimise the cost of car insurance. Even as the average cost of premiums continue to fall throughout the UK, this does not mean that you cannot take a proactive approach and look to identify additional savings.
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