As if being a student wasn’t hard enough on your finances, unfortunately if you’re studying full-time then chances are, you’ll have to pay more for your car insurance. That’s because most students tender to be young drivers who haven’t been on the roads for long, and insurance providers see you as high-risk, hence the higher premiums.
Even those who are classed as “mature” students are likely to have increased premiums, as students are generally viewed as riskier drivers to insure, which is reflected in the cost of the insurance policies offered.
As well as your age and occupation, insurance providers also factor in your location, which is another area where students come up short when searching for a policy. As many of the student campuses are located in city centre locations e.g. Leeds University, these built-up areas are generally viewed as being more of a risk due to the higher car crime rates. Again, this can affect the price of your insurance policy, so it’s clear the odds are stacked against you if you’re a student in search of affordable car insurance.
But try not to despair as there are still ways you can save money on your car insurance – even if you’re a student! Here are some of the things you can do to reduce your premium.
If you’re a student looking to get the cheapest insurance policy possible, chances are you’ll need to have a telematics box fitted. These black boxes give the insurance provider a clear picture of your driving discipline, as well as telling them where your car is located and how many miles you’re covering. If you’re a careful driver and you stick to the speed limits then, after a period of time, the cost of your policy could actually decrease, although it’s worth noting that with some policies bad driving can actually mean the price of your insurance shoots up – in that case you may be better off looking for car insurance without a black box.
Choose the right car
The type of car you choose will heavily determine the overall cost of your insurance. If you’re looking to get a high-powered, luxury car insured then clearly the price will be higher so go for a modest vehicle with a smaller engine and you should be able to find some affordable deals, like these cars that are cheap to insure.
You should also avoid modifying your vehicle as this can also add to the cost of your insurance policy.
If you’ve recently passed your test then opting for some additional driving training, such as the Pass Plus course, can show the insurance providers that you’re better prepared for the road and some may offer slightly reduced premiums. Keep in mind though that this might not reduce your insurance by as much as you’d expect and, in some cases, insurers will offer no discount at all. With this said, it’s always a great idea to do some additional training nonetheless.
When you opt for monthly payments, you’re usually taking out credit with a third-party lender who’ll charge you interest on top, so if possible, try paying for your insurance annually as you could potentially save 100’s. For many students, times can be tough so this might be out of the question, however there are some real savings to be had if it’s possible.
Add a named driver
If someone else uses your car, you should probably add them to your policy so that they’re covered in the event of an accident. Not only will you both then be driving legally and safely, but this can also reduce your insurance policy too. This is because when you’re sharing your vehicle with a more experienced driver, your chances of being involved in an accident are reduced, which is reflected in the cost of your policy.
While insuring your vehicle can be a costly endeavour if you’re a student, following these steps should reduce the overall cost considerably. Comparing deals from different providers can also help you locate a policy that provides the cover you’re looking for, at an affordable price, so be sure to compare car insurance with Quote Goat today!