Uk Young Driver Motor Insurance - Build Your Own No Claims Bonus Or Insure Through Your Parents
|
For may young drivers, affording the costs of motor insurance is an issue. With first time insurance costs running to several thousands of pounds in some instances, it is no wonder that younger motorits are looking for ways to keep premiums down.
There are many legitimate ways of doing this. Young drivers shoudl look at the type of cover they need, consider the pass plus course and their first car should have as small an engine as possible to keep the cost low.
However many young drivers look to insure in their parents name in an effort to make their first policy affordable.
If the main driver is a young driver, most companies will insist that they be the principle policyholder and will not allow them to be named on anothers policy. Deliberately insuring a car and misleading your insurer about your circumstances has serious consequences. In this particular scenario it is referred to as fronting.
If a claim should arise from a policy and the insurer discovers that you were fronting, then it can have serious repurcussions. Firstly they could refuser to pay a claim and they could go as far as to void your policy which could mean that the police deem you to have not been properly insured and the courts could then issue an IN10 conviction.
If a young driver is merely a part time user of a car then it may be legitimate to insure in this way. However the reality is that it might not save you the money you think it will.
The building of a No Claims Discount is one of the best ways of helping to reduce your Motor Insurance premium. This works through loyalty and history built up between yourself and your Motor Insurance Company.
If you have not claimed the company will calculate your premium and apply a discount to it, rewarding you for your safe driving. This figure, depending on the Motor Insurance company can range from anywhere between 30% and 60%.
These days many companies allow you to protect your No Claims Bonus by paying a small amount up front on your premium. This could be highly worthwhile when you consider how much your policy may end up going up in price next year given an accident this year.
It is very important that young drivers build their No Claims Bonus. If you insure the car in a parents name, whilst there may be a cost advantage in Year 1, it may transpire that in years to come this becomes a false economy.
The No Claims Bonus is a bonus weighed against the main driver. If a parent insures a car with a young driver on the policy then at renewal, the 30-40% disount you were expecting might be far less.
It is highly recommended that the main user of any vehicle be the main insured name. It can work out financially better and you can avoid the risk of invalid insurance.
The best course of action is to speak to specialists who deal with Young Driver Motor Insurance. Of course, the best money saving tip of all is to shop around! No one insurance company can give competitive premiums for every driver so check as many quotes as you can.
Motor Insurance - yourmotorinsurance.co.uk is designed to give information to a range of UK drivers about their motor insurance needs. It supplies quotes using a system that checks a number of different insurers. It also has zones dedicated to 17 year olds motor insurance and womens motor insurance
Tim Larden has worked in UK insurance for many years and works with this web site keeping up to date with the latest industry changes.
|
|
|
Life Insurance Information
Life insurance is a personal insurance plan designed to pay out a sum of money on the death of the policyholder. Life Insurance is an insurance that is taken out against a persons life. It will pay out either a lump sum or monthly contributions to the "trustee" or next of kin in the event of the policy holder's death.Life insurance is, as the name implies, an insurance policy taken out on an individual's life. As with any other insurance policy, regular premiums are paid by the policyholder to the insurance company - and should the policyholder die, then the policy will pay...(related: Insurance)
Everyone Wants The Cheapest Automobile Insurance Quote
When you are looking for an automobile insurance quote, the first thing you usually do is pick up the phone and start calling the various insurance companies in your local area. Then you have to wait for them to call you back with a quote, which quite often is very similar to what you are already paying. The funny thing is that no one bothers about getting an automobile insurance quote until they receive the notification for their renewal and then they start scrambling to find ways to save money.When you are looking for an automobile insurance quote online, you need to look through all the online insurance companies. Most of these companies will give you a free automobile insurance quote. A...(related: Insurance)
Choosing Buy-to-let Property Insurance
Risk is an area often overlooked by landlords, but failing to protect the main assets of your business, which often have borrowings secured against them could lead to ruin.Landlords often...(related: Insurance)
Do Discount Fees For Medical Service Programs Really Work?
Having a health insurance policy provides a great sense of security for many families. Most people with health insurance usually have it through their employer and the employee and the employer may share the responsibility on paying the premium. Even though health insurance coverage provides a great benefit, it also provides a great fear that looms over our heads. The fear of not being able to afford health insurance or not having health insurance can provide great difficulty to many people.We can also see a trend that more people ...(related: Insurance)
Life Insurance Without Life Value: Why Young People Are Snubbing Financial Advice
This article is written by a 27 year old female (borderline Generation X / Y) called Rachel. Rachel spent six years at university, has no outstanding debts with the exception of government student loans. Rachel also has no pension p...(related: Insurance)
Affordable Life Insurance!
So, you've decided to purchase life insurance. Well then, you have made a good decision! If you have dependents, you know that you must provide for them long after you are gone. Buying life insurance shouldn't be a budget buster either. Take a look at the following options which can help you save big time!Shop Online: There are several companies that wil...(related: Insurance)
Insurance For Those Who Run Bed And Breakfast Properties
A Bed and Breakfast, often referred to as a B&B, is a private residence with several rooms of which are set aside for overnight guests whose paid accommodations include breakfast. Modern Bed and Breakfast often consciously tries to recall...(related: Insurance)
Who Else Wants To Understand Travel Insurance Policy Language?
Aren't all travel insurance plans basically the same?No. When you read travel insurance policy language, remember that as with any legal document, the definition of the terms is what governs the working of the policy (including payment of the claim).I create hypothetical travel scenarios for training purposes. This includes contacting our travel insurance suppliers' claims departments to see how they handle a given scenario.A common concern of travelers are Pre-Existing Medica...(related: Insurance)
Long-term Care Insurance: Eldercare Solution
When I suddenly had to become a fulltime caregiver to my elderly parents, both with health problems and starting to develop deme...(related: Insurance)
Cure The Insurance Blues By Lowering The Cost Of Your Premiums
Does the current amount that you pay on your insurance premiums keep you awake at night? If so you're not alone. In today's fast paced society many people are looking for ways to save money unfortunately this can lead to scrimping and watching where you spend every penny you make. Not only is this difficult it can also be a real pain in the neck and lets face it ? what's so fun about not spending money you worked hard to get in the first place.Fortunately there is an easy way to save a few extra dollars every month by checking to see if you're overpaying on any of your insurance premiums. This could be your auto insurance, life insurance, home insurance or renters insurance. The reality is you can save on almost every form of insurance you have....(related: Insurance)
site-map - Copyright © 2006 Insurance | All Rights Reserved. | Insurance