Student Car Insurance
Money matters can be tough for University-goers and car insurance is no exception. Despite only making up 7% of the car insurance market, young drivers, including students, pay 22% of the total premiums in the UK.
The reason cheap student car insurance is hard to come by is because students are deemed a high risk group. According to the Association of British Insurers 18-year-olds are involved in three times as many accidents as drivers in their fifties and students typically live in high crime areas.
What should students look for in a car insurance policy?
Most young drivers will be focused on one thing - finding the cheapest car insurance. However, if you can afford it, think beyond the price and look for the best student car insurance policy offering the right level of cover for you. Consider the value of policy features such as a courtesy car if you travel to uni from home and would be stranded without your car.
Generally however, finding cheap student car insurance is the main objective. If you are driving an inexpensive car you may prefer third party only or third party fire and theft coverage to comprehensive cover as the latter may cost more in annual premiums than the vehicle itself is worth.
How can students save money on car insurance?
There are several additional ways to save on student car insurance:
- Buy carefully – Pick a car with a small engine and no modifications.
- Enhance security – Consider installing an alarm and immobiliser to earn a discount. Parking in a garage overnight or at least in a well-lit area could also help you save.
- Mileage limit – If your seminars are only held in the afternoons agree not to drive during the rush hour, or agree to a mileage limit if you only travel short distances.
- No-claims discounts – Many providers offer rapid bonus schemes to students allowing them to earn a full year's discount on student car insurance in around nine months.
- Pass Plus – Complete the Pass Plus course straight after your driving test to earn a discount of 10% or more in your first year.
- Shop around - Gather as many quotes as you can to save cash.
Though it is possible to add a parent as a named driver to a policy for a marginal discount, never ask another driver to front a policy for you as this is illegal and may invalidate a claim.
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