The myth of saving money on your car insurance

With the cost of car insurance for young or newly passed drivers being so expensive, it is hardly surprising that many of them try to get their premium as low as possible by using some tricks. However, many of these options will not only not save drivers money, but even end up costing them more.

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Paying monthly

Young drivers insurance can be prohibitively expensive if paying all in one go. Not many young drivers can afford to do this so understandably choose to pay monthly. Whilst this will make the car insurance premium more affordable by spreading it out over the year, you will undoubtedly end up paying more because of the interest added.On average, a driver will end up paying an extra £89 a year by paying monthly. As well as using comparison sites to find the best price, you should check out car insurance companies who aim to keep premiums low for young drivers from the beginning.

Protecting your no claims bonus

This one seems very sensible for young drivers. In order to try and stop their premium going up due to a claim being made on their car insurance policy, many young drivers choose to protect it by paying an extra fee. In reality, a young driver will really only benefit from this option if they do make a claim in the first year, otherwise the savings are minimal.

Pass Plus

When taking out young drivers insurance, many believe that taking a Pass Plus course will mean that they will receive a healthy discount on their premium. However, not all insurers offer this discount and even the ones who do usually only knock off about 5% of your premium. With the course often costing around £100, there really isn’t much value in this, although it may actually help you become a safer driver, which is never a bad thing.

Some real options

For young drivers, the most sensible thing to do is to buy the cheapest possible car to ensure, and drive as safely as possible, especially that first year. If you suffer a little bump or scratch at the hands of another driver, even though it is no fault of your own, it is sensible to not make a claim on your car insurance so as to keep your premium down next year.

 

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