Car Insurance for Students

December 13th, 2019
Car

With ever rising fees, students currently have to get through university on a shoe string budget, so having car insurance that is affordable is of paramount importance.

Below, we look at some of the options.

Why is student car insurance expensive?

Statistically, students are more likely to be in an accident and therefore more likely to claim than older, more experienced drivers. This could be due to factors such as their age and lack of experience and/or due to the fact that they live in a high crime areas where theft and vandalism is a more common occurrence. Hence, as you can imagine, insurer would be looking for compensation to account for the higher risk and therefore charging a higher premium.

Ways to reduce the premium

One clear way to reduce your car insurance is to compare all the options available to you in the market. By using the Free Price Compare car insurance comparison tool, you will be able to see all the options available to you with just a few clicks of the mouse.

Car modifications

Generally modification to your vehicle will lead to higher premiums, even if the modifications seem small to you i.e. new alloy wheels. But if the modifications are related to enhancing the security of the vehicle than the premiums actually go down. By perhaps installing an immobiliser or an alarm, you have effectively reduced the risk of theft and hence the premiums should go down.

To add, if you can park your car in a garage overnight as appose to the road or driveway then the chances of theft and damage to the vehicle has further reduced and hence, the car premium should adjust.

Telematics car insurance

Often referred to as black box insurance, telematics car insurance requires your insurer to install a black box in your car, which will monitor your driving behaviour such as speed, acceleration, time the vehicle is driven etc. As you might expect, safe drivers are rewarded with a lower car insurance premium.

Adding a named driver

If you add a driver who is older and more experienced as a named driver, than your premiums may go down as the insurer will take into account that a safer driver, who is less likely to cause an accident is also using the vehicle.

To add, it’s important not to declare someone as the main driver of the car, if they are in fact not the main driver. Whilst this may work out cheaper initially, this is known as ‘Fronting’ and your policy could be declared void. You could also be fined with points on the license and hence forced with higher premiums in the future.

Having car insurance is a mandatory requirement

According to the Continuous Insurance Enforcement regulation, motorists who don’t have car insurance and haven’t declared their car off road are liable for prosecution. In accordance with the law, DVLA car records are compared against the Motor Insurance Database (MID) to catch motorists who haven’t got car insurance all year round.

If a motorist is discovered not to have car insurance and they haven’t applied for a SORN, Statutory Off Road Notification, for their vehicle then they could be faced with a fixed penalty of £300 and 6 points on their license. Should the matter progress to court, they could be disqualified from driving and have to pay a fine of up to £5000.

In some instances, the police may seize and destroy the uninsured vehicle too. So it really important, that at the very least you declare the car off road or buy temporary car insurance.

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