As a young driver, sorting out car insurance can be an absolute nightmare, with some young drivers being quoted as much as £4000, often more than their car is actually worth!
We can safely say that the cost of car insurance has never been higher, so we have looked at ways in which young people could save money on their car insurance…
There are ways to dramatically cut the cost of your premiums! At one point, the only option was a ‘black box’, a data recorder box which is fitted to your car and sends information to your insurer, but there are now rival technologies in the form of dash cams, which promise to cut the cost of your insurance premium by up to 30%!
So which is the best way to cut your premium?
A Telematic or ‘Black Box’ policy is designed to encourage you to drive safely and the data sent to your insurer in real time. In order for you to take advantage of the cheapest deals, the box is usually hard-wired into your car meaning it cannot be switched off, therefore, it provides your insurer with the most accurate data. This is often why you can get the best insurance deals on this type of policy.
There are other policies which allow you to plug a device in under your glove box each time you drive, and apps available for your mobile phone. Both of these are usually provided free of charge.
Telematics policies usually have restrictions such as curfews and mileage, so are not suitable for everyone. It is important to take note of all the restrictions before considering this type of policy.
More advanced policies monitor driving style and send emails on how the driver could improve.
Dash Cam Policy
The alternative to a Telematics policy is a Dash Cam policy, which is a mini video recorder, often supplied and fitted for free. This is wired into the ignition system meaning that it’s automatically switched on whilst driving.
The idea behind this type of policy is that if you have an accident, the insurer is able to see who was at fault. Whilst it doesn’t monitor driving style, it can give your insurer valuable information should you have an accident.
Telematics policies are often the cheapest, with savings of as much as 50% on standard insurance policies. This does depend on the restrictions applied and the savings can vary.
If you are a young driver struggling to find affordable car insurance, take a look at all the options and work out which one will work best for you.
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