Heading off to university often comes with a lot of costs.
Not only do you have to think about accommodation, food, bills and books. But, you also have to consider if you can afford to bring and run your car.
It’s well known that student car insurance can be quite high and with car insurance set to rise by 10%, many will consider leaving their car at home.
But, car insurance doesn’t have to cost you the earth. OSV Ltd have put together a helpful guide to help you find the cheapest car insurance policy, so you don’t have to compromise on your car.
On average the cost of insuring a car between the age of 17-22 costs a staggering £1,242.00 per year. But, Andrew Kirkley, Co-Founder of vehicle leasing company, OSV Ltd explains that there are numerous ways to cut the cost.
He said: “Factors that you must consider when looking to get the cheapest car insurance policy include: using car insurance comparison sites, consider a black box policy, drive a cheap car with a smaller engine, install extra safety in your vehicle and add an older driver.”
It’s unlikely that students will be willing to consider each one of these factors but, if they choose to consider a few, it is likely they will see their car insurance premium reduce.
Here, we take a look in more detail at some of the actions Andrew suggested.
Make Use of Comparison Sites
The average person saves over £200.00 by shopping for car insurance using a comparison site. Many people are under the false illusion that their car insurance will be cheaper if they stay with their current provider. This is not true, it does not pay to be loyal in the car insurance game.
Black Box Policy
By choosing to install a black box in your car you could be rewarded for safe driving. Your driving style will be monitored and those deemed to be driving safely will be rewarded with a lower premium. Drivers who decide to install black boxes inside their vehicle on average save 20% on their insurance policy.
Drive a Cheaper Car with a Smaller Engine
It doesn’t take a genius to work out that if you drive an expensive and powerful car, you’re going to pay for it when it comes to insurance. This is of no help to those that already own a car but, if you’re looking at buying a car think about this before you make your purchase.
The reason behind this, if you have an expensive car you’re more likely to claim if you damage it and if you have a high powered car, you can cause more damage.
Younger people often make the most claims which is why their car insurance premium is generally so high. This is down to a number of factors including inexperience.
When we look more specifically at the student market, we realise that many university students live in areas with high crime rates. Student areas are often subjected to thefts and acts of vandalism which of course affects the cost of insurance.
Therefore, by investing in steering wheel locks and immobilisers you could reduce your premium. The saving is unlikely to be huge but when you’re a student every penny helps.
By choosing to include another driver on your policy you will reduce the price of your premium. Therefore, by adding an older, more experienced driver your cost will be reduced.
In fact, some people have seen their insurance premium reduce by over £1,000.00 just by adding their Mum to their policy.