Telematics insurance lets your driving do the talking – not general statistics. However, there are things you can do to try and reduce your telematics premium. We have collated some things for young drivers to consider when buying and insuring their first car to make sure you get the most out of your money!
1. Buy a lower value car
A high value car is at a higher risk of theft, and might cost more to repair in the case of an accident. This means that the insurance for a higher value car may sometimes be higher. Look into how much different cars cost to insure before buying so you aren’t surprised by high insurance costs.
2. Don’t modify your car
Most insurers won’t insure heavily modified cars at all, due to the replacement cost and risk of theft. If they do provide you with a quote, your premium could be quite high. Consider staying simple and saving yourself the hassle by not modifying your car. If your car has modifications that the insurer isn’t aware of, this could make your insurance invalid - so when buying your car, ask if it has any modifications.
3. Think about how many miles you drive
The higher your annual mileage is, the higher your insurance premium may be. Make sure that you are accurate when entering your annual mileage, as if you go over this it can be a costly amendment to make. Also, try not to overestimate, so you don’t pay more than you need to.
4. Consider increasing your voluntary excess
Choosing a higher voluntary excess means that the insurer will have to pay out slightly less in the event of a claim, which may reduce your risk in their eyes. This might help to make your premium lower – however, make sure you can afford the voluntary excess you set if you do have to make a claim.
5. Add a more experienced driver to your policy
Adding a parent or older sibling who has more driving experience can sometimes decrease your premium – providing they don’t have any claims or convictions. This is a simple thing to do which might decrease your premium and, as long as you are the policyholder, you will carry on building up your no claims bonus!
6. Stay safe and keep your car secure
Adding extra security devices (such as an immobiliser) to your car can reduce the risk of theft with some insurers. Reducing the risk of theft may help to lower your premium, as you’ll be less likely to make a claim for this.
7. Go to price comparison websites
Price comparison websites are a great place to start! However, do make sure that you have done your research about the company whose quote you are considering first to make sure that they are the one for you! Look at their website and check you have everything you need to take up the policy.
Correct at the time of publication. Information in this article has been gathered from various sources, therefore WiseDriving cannot be held responsible for any view or opinion expressed herein.
