According to the CPI (Consumer Price Index), motor insurance was down 11.7% between January 2017 and January 2018. However, any young driver (under 25) and their parents will tell you that insurers are still charging big money for their premiums. Not having access to no claims bonus or driving experience discounts are two of the main reasons why young drivers pay more than experienced drivers.
Having said this, here at Insure My Van we take a look at the main reasons why young drivers get quoted such high premiums and some ways they can overcome this.
Tips for Shopping for Insurance
When shopping for van insurance you should take note of the following things if you are to make the most of your insurance quote:
Types of van insurance
There are three main types of van insurance available so it’s important to research which one is best suited to you. Choosing the wrong one may a) cost you more and b) not cover you in certain circumstances.
- Third Party Only – If you are unfortunate enough to be involved in an accident, then Third Party Only insurance means that third parties involved in the accident are protected. However, you cannot claim for damage related to your own car.
- Third Party, Fire & Theft – It is similar to Third Party Only but also covers you in the event of theft, attempted theft or any fire damage done to your vehicle.
- Comprehensive – This type of insurance covers you for all of the above but it also covers any damage that may have happened to your own vehicle in the event of an accident.
Consider the extras
Some policies come with extra add-ons so it’s important to read everything in-depth. Such extras include motor rescue, windscreen protection and replacement locks. Customise insurance to your real needs to help limit costs.
Will you go through a broker or directly to the insurer?
There are two options available when looking to attain your insurance: go directly to the insurer or go through a broker.
If you’re a young driver and it’s your first time looking into insurance for your van then perhaps it may be wise to use a broker since they’ll offer a variety of insurance companies’ packages. As a broker, Insuremyvan.ie shop the insurance market on your behalf to find the best option and price available to you.
If an accident does happen, you can also benefit from a stress-free claim as the insurance broker will help and advise you on your claim.
What documentation is required?
The following documentation is required when seeking insurance:
- Proof of No Claims Bonus – A discount may be offered but it depends on the number of years you haven’t made a claim on your insurance policy. However, if you are a young driver with little driving experience or if it’s your first time taking out insurance then you do not have access to this discount.
- Proposal Form – Includes information on your policy and personal information. It needs to be signed and returned.
- Driver’s Licence – Copy of front and back of licence. If there are named drivers on the policy you will also need a copy of their licences.
- Direct Debit Mandate – If you have chosen to pay your policy by direct debit, your broker will issue a mandate in your welcome pack to be signed and returned.
How Can I Reduce My Premiums?
After an increase in insurance costs for young drivers over the last few years, premiums are beginning to drop but the best way to further reduce your insurance costs are to follow our simple tips:
- Firstly, upgrade your learner’s permit to a full licence. “Moving from a provisional driving licence to a full license alone can reduce premiums by anywhere from 30 – 80%” (Jonathan Hehir, MD of Insure My Van).
- Complete all required driving lessons.
- Remember the value of the vehicle influences the premium. Small vans come with smaller premiums. Insurers don’t just take into account the person who is driving the van but also the vehicle’s model, size and value.
- You should consider where you park your van. Where you park can have a surprising impact on insurance premiums. Keeping your van in a locked garage will very often lead to a reduced premium as opposed to keeping it in a driveway or on the street, especially if you live in the city.
- If there’s less chance of the vehicle being stolen you’ll also pay less. So consider installing:– An immobiliser to prevent theft
– Tracking so a vehicle can be recovered easier
– Alarms that will deter thieves
- Lastly, gaining some named driver experience – either on a parents or relatives policy – can reduce your premium when it comes to taking out your own insurance policy. Some insurers give out discounts to young drivers who have a few years driving experience on another person’s policy. However, you should be aware of ‘fronting’. This is an illegal insurance practice whereby the named driver does the majority of the driving, thus making them the main user. If you are caught in this act, it may result in the insurer refusing to deal with any claims or they may revoke the insurance.
We deal with all the major insurance providers to get you the best quote. We regularly deliver savings of 25% or more.
Other benefits of choosing us for your insurance include:
- Windscreen cover *
- Breakdown/Roadside assistance *
- Legal expenses cover *
- Cover for driving other commercial vehicles *
- Mirror No Claims Bonus from your commercial vehicles or private car, to help save you even more
- Bonus protection available
- Contents cover available
- Open Driving cover available
- Irish-based contact centre to deal with your policy and answer any questions
- Low price and excellent customer service guarantee
Ready to save money? Get your van insurance quote now!
* Selected policies only.
For any other inquiries regarding passenger vehicles, try Coverinaclick.ie to get some of the cheapest quotes for young drivers insurance in Ireland.