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INSURANCE TIPS
Car insurance premiums have been on the rise for some years now. However, young drivers are on the receiving end of the larger hikes. Fortunately, governments throughout Europe are searching for solutions to the problem of rising car insurance premiums, although as drivers, we are unlikely to see much change for a few years yet. In the mean time, there are ways of reducing the cost of car insurance premiums, particularly for young drivers, and here, we consider some of these strategies.
Insurance companies base the cost of their car insurance policies on the perceived risk of the driver of being involved in a collision, or of having their car stolen, or accidentally damaged; the higher the perceived risk, the more expensive the policy. The key, therefore, in reducing premium rates is to reduce the level of risk associated with you as a driver by your insurance company.
Any drivers under the age of 25 are considered high risk, and so policy rates are high. You cannot do much here, aside from wait until you are older to drive. However, some insurance companies will offer drivers a discount if they participate in an advanced driving scheme, so this is certainly worth considering if you do fall into the young driver category. Never drive without insurance, if caught you will be prosecuted, and receive points on your licence, which will further increase the cost of any premiums.
Different cars fall into different risk categories. The faster the car, the higher the insurance bracket. If you are young, therefore, stick to cars with smaller engines.
Security features reduce the cost of insurance, so make sure that your car is fitted with a high tech alarm, and that it has passenger and driver airbags. Additionally, the more secure your overnight parking, the cheaper the policy, if you have access to a garage, use it.
Drive safely so that you can build up your driving experience in the form of a No-Claims Discount. Do not speed; points on your licence will increase your premium. The better your driving record is, the cheaper your insurance policy.
Drive as few miles as possible. The less you are on the road, the less likely you are to crash, and the lower your perceived risk.
If you want cheap car insurance, then follow the above advice and you will find that your car insurance premiums are lower.
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