NEW DRIVERS INSURANCE MADE SIMPLE

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1 NEW DRIVERS INSURANCE MADE SIMPLE Working with the profession to simplify the language of insurance

2 NEW DRIVERS More than 670,000 people take to the road after passing their driving tests every year. However, running a car isn't cheap. How to cut new driver s insurance costs The cost of being a new driver has increased by over 18% in the last five years to a staggering 6,786, with around a third or 2,232 coming from insurance costs alone, according to insurer gocompare.com. So its essential new motorists, especially young adults, learn how to steer their way through the insurance maze. Here's what you need to know. 670,000 new drivers a year 6,786 average cost 2,232 average cost to insure

3 Pass Plus You can cut your car insurance premium with many insurers by completing a Pass Plus driving course. This gives you extra coaching in areas including night driving, dual carriageways and motorways and the Association of British Insurers (ABI) lists it as one of the top five ways to cut the cost of motor insurance. Fees depend on where you live but are usually around 100 to 150. Some councils offer discounts. You can find out more at gov.uk/pass-plus. Additional coaching in certain areas can reduce insurance costs DUAL CARRIAGEWAYS Tip: You can compare car insurance quotes with Pass Plus discounts using comparison websites. MOTORWAYS NIGHT DRIVING

4 Drive the right car Insurers divide cars into 50 groups according to engine size, repair costs etc. The higher the group, the higher the premium. Use thatcham.org to check your car's group. It's a good idea to opt for a car with a smaller engine until you've built up a no-claims discount and have proved yourself to be a safe driver. Also, steer away from modifying your car with alloy wheels and body kits as these push up premiums. It may not make you stand out from the crowd, but at least your insurance and running costs will be cheaper! Opt for third-party cover If your car isn't worth much, consider third-party insurance. This will cover the costs of any claims made against you if you injure someone else a third-party or damage their property. But will not cover any damage to you or your vehicle. However it's vital to weigh up the pros and cons and costs of this versus comprehensive cover, which offers the best protection including cover for damage to your own car. It covers most motoring mishaps and isn't necessarily more expensive than third-party cover. Value your car correctly Some insurers take the value of your car into account when deciding what premium to charge you. If you value your car too high you will have a higher premium to pay. Fit a black box or telematics Young drivers generally pay more because they have a reputation for causing more accidents than any other age group and unfortunately statistics show that this is true. Consider telematics or fitting a black box in your car. This allows you to pay a personalised price based on how and when you drive, so the safer you are, the less you pay. A black box is a small device which records when, where and how well you drive for example by monitoring your driving speed, acceleration and braking. Feedback is relayed via the dashboard. The premium you are charged is based on your own motoring habits. Some companies have mobile apps that allow drivers to track their habits behind the wheel. Users can then use the data to decide whether telematics cover would be a good option.

5 Fit an alarm or an immobiliser Most cars now come with alarms and/or immobilisers but if not, fitting one may lower your premium. Depending on the quality of the device and if it's on the insurer's list of approved makes, this may entitle you to a discount. Pay-as-you-go insurance Try pay-as-you-go insurance. This is particularly useful for new drivers wanting to build up a safe motoring record while lowering insurance costs. You're usually charged per mile driven, so this might be worth a look at if you don't rack up too many miles. Drive safely and don t claim! Drivers who don't make claims build up a no-claims discount (NCD). This can knock more than 70% off your premium after five claim-free years. Consider paying to protect your NCD (allowing you to make more than one claim before your discount is affected) and not claiming for minor bumps. Increase your excess Consider increasing your excess the amount you pay in the event of a claim to help lower premiums. However, you must weigh any savings against what you would have to pay if you have an accident would you be able to afford it? Fitting an alarm can reduce your insurance costs

6 Add an experienced driver Watch out for whiplash! Adding a more experienced parent or partner to your policy can reduce the cost but you must be careful not to mislead insurers about how the car is used. Whiplash is a type of soft tissue neck injury. The rising number of whiplash claims is a cause of great concern for insurers. They are at near-record levels and add 93 to a typical car insurance premium. Because they are so difficult to prove, many claims are fraudulent often staged by organised gangs who arrange for individuals to fake injuries and then make a claim for compensation, just to get the money. Get rid of unwanted extras Think about which optional extras you don t really need and get rid of them to help lower your premium. For instance, is a courtesy car necessary if your car were to be off the road? Perhaps you'd be able to get lifts off others. And do you really need breakdown cover? If so you may be able to find this cheaper elsewhere. Shop around There's no one-size-fits-all cover so it's essential you scour the market for the best deal and price for you. Comparison websites can be a useful starting point to get an idea of premiums but not all insurers are on comparison websites. Consider going to insurers direct or asking an insurance broker to search the market for you. Did you know: One in four year olds (23%) have a crash within two years of passing their driving test, according to the AA. However, insurers are trying to clamp down on fraudulent claims for example, one insurer has adopted a 'care, not cash' solution. This helps claimants by focusing on providing rehabilitation treatment, rather than just paying compensation thus taking away the financial incentive for making a fraudulent claim. Tip: Don t get caught out be extra vigilant when on the road and watch out for people driving forwards then braking sharply at roundabouts and junctions.

7 If you re the parent of a younger driver Passing a driving test is a rite of passage for most 17 year olds who love the new-found independence. For parents the relief of no longer being an on-call taxi driver, is soon outweighed by the new on-going expense and additional worry! Don t put up a front! However tempting it might be to insure your child's car in your own name to cut premium costs don't do this! It's called fronting and is fraudulent. If you need to make a claim you will find your policy is not valid and you could even find yourself being prosecuted for breaking the law. Help search for cover Help your child find the best policy. Perhaps you could start by asking your own insurer what it could offer. Also, search for deals for young drivers via specialist insurance brokers and insurers. Remember cheapest doesn't mean best, so read the policy wording to ensure it's the cover you want before committing. Don t spread the cost If you can afford it, pay for the premium upfront. Otherwise you could pay 10% extra for spreading the cost over 12 months by Direct Debit. To avoid the interest charge consider using a 0% credit card and you/your child can pay it off monthly. Passing a driving test is soon outweighed by the additional expense Tip: Instead, add an experienced driver to a policy as a named driver to help lower a premium, but you must be careful not to mislead insurers about how the car is used.

8 Pass on good habits Around 40% of young drivers have a collision before they reach the age of 23 that s why their premiums are so high. The Royal Society for the Prevention of Accidents says parents can help youngsters improve their driving technique by sharing good habits and coming up with a safe driving agreement to include restrictions on driving at night; limiting the number of friends they carry and sticking to a zero alcohol limit. Parents can help youngsters by formulating a safe driving agreement Tip: ROSPA offers a Safe Driving Agreement template and a leaflet highlighting the most common risks for young drivers which you can download from rospa.com/road-safety. t gh i n t a g n vi i nds r e i d fr o o N w ly t On he car in t alcohol o N

9 Where to find a car net Inter If you're looking for a car for your child, use the internet to read owners' reviews, compare similar cars and check prices. At a car auction, you may find a six- to 12-month-old car at a saving of 20% to 50% off the new car list price. But take an expert to spot problems as you only have a short time to look over a car. Buy from auctions that are members of The National Association of Motor Auctions (nama-uk.com). Auc tion Car supermarkets can undercut a main dealer. Prices are low because they sell large numbers of cars and have low overheads. Happy, safe and cheaper motoring! ets rmark e p u S Looking for a new car? Shop around...

10 Remember if you have any questions about new drivers insurance, just ask me, Ciindy /AskCiindy

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