By the time most students get to university, some would have passed their driving test, while others would have already bought their vehicle. Truth be told, attending higher institution do not come cheap, it can be expensive- car insurance premiums can stress students’ budget to breaking point.
But seriously, is it possible for students to run their cars on what is already deemed as a tight budget funded through a combination of generous parents, menial part-time jobs and student grants?
The truth is an emphatic yes! But, as long as they approach it the right way. Both young and first time drivers may not be able to afford a Lamborghini straight away but there are countless means for lowering the cost of having and maintaining a car that will provide you with the independence that you need without actually costing you loads.
Your choice of vehicle determines your student car insurance premiums
Be reasonable. There isn’t any point acquiring a vehicle that’s going to cost you an arm and a leg in terms of your student car insurance premium and guzzles petrol like there is no tomorrow.
Be selective in making your car choice- go for a vehicle with relatively small engine size with no modifications as this will assist you in getting cheaper premium on your student car insurance.
Also, it will be a good idea for you to invest in approved security devices like; vehicle alarms, immobilisers and tracking devices because this will reassure the insurance company into lowering your premiums.
What’s your preferred level of cover?
There are three major levels of cover- comprehensive, third party fire and theft and third party only. Whatever level of cover you choose for your student motor insurance depends on the amount of budget at your disposal.
The most basic level of cover is the third-party cover that protects you against claims instigated by other motorists or third party in the event of an accident- as well as your liability for injury to other people. Third-party, fire and theft is basically the same level of cover as the third party, apart from the additional protection it offers for theft and fire damage to your vehicle. This is a sensible level of protection for students to choose because it covers against majority of the scenarios.
Lastly, the comprehensive cover includes all the level of protection already discussed including accidental damage cover for your own vehicle. Additional gains can include coverage for personal possessions and even medical expenses.
Search the market to see what’s on offer. Most importantly, check out insurance companies that can offer quick bonus benefits to students that enable them get up to one year’s discounts on their student car insurance premiums after about 8-9 months.
Lowering your student car insurance premium
Agreeing and keeping to the agreed mileage with your insurer can help to lower your premium- but avoid stating a limit that is inconceivable, especially if you intend doing lots of mileage within the year.
Apart from installing the aforementioned security devices to your vehicle, other ways you can reduce your premium is to park your car in a secure garage overnight- for instance; in a locked up garage or premises can enable your insurer give you discount. However, this will all depend on where you attend university as well as what accommodation arrangement is like in the area.
You can also take the Pass Plus training and exam designed for new and young drivers by the Driving Standard Agency (DSA). Statistically, drivers that have done this training and passed the exam are less likely to be involved in an accident within the first few years of passing their test than drivers who do not take the training.
The training course builds on motorists knowledge and skill set with particular attention to how to anticipate and deal with numerous hazards. Upon completion of the training and examination, you’ll be sent out a Pass Plus certificate which you can then use to claim further discounts off your student car insurance premium.
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