Six costly car insurance mistakes lovemoney.com
There is no point in spending hundreds of pounds a year on car insurance only to find, when you come to make a claim, you’re not properly covered and your insurer won’t pay out.
But this is the risk thousands of motorists are taking by failing to read the small print on their policies, or by trying to cut corners and reduce their premiums.
There are a number of legitimate ways to bring down the cost of your policy, as we explain below. But there are also some money-saving tactics that motorists would be well advised to steer clear of.
DON’T turn to your parents for helpYoung drivers get a raw deal from insurers. Statistics show that motorists under the age of 25 are more likely to be involved in accidents, so premiums for this age group are always higher.
This has given rise to a practice known in the insurance industry as ‘fronting’: where a parent insures their son or daughter’s vehicle as the main driver, and puts the child down merely as one of the named drivers on the policy.
PR Web (press release)Adrian Flux Offers Tips for Students on Keeping Premiums LowAs young drivers, students are likely to find that once they've passed their test the biggest running cost is insurance. Indeed, a first car is often much cheaper to buy than to insure for a year. But Flux warns against being tempted by a cheap,
MyFinances.co.ukAdded extras create added insurance costsMark Monteiro, insurance expert at uSwitch, said: "Car insurance for young drivers is already really expensive so opting for cars that fall into a more expensive insurance group really isn't advisable. "In most cases, insuring cars such as the Peugeot
Suffolk TimesRiverhead Raceway doesn't scare Chris Young, 15The owners of Riverhead Raceway decided to let the 15-year-old participate this year, because INEX has always given the green light -- and insurance -- to the younger drivers. His mother, Ann Young, said that her son got five new sponsorships since the
