How Young People Can Reduce their costly Third Party Car Insurance Premiums

The cost of car insurance in London is very expensive for young people. Under 25 are paying as high as 3 times as adults above this age for the insurance. This is even higher for young men who do not benefit from discounted prices as both young and older women do.

However, women are also set to loose this advantage after the European court of justice ruling which will see men and women pay the same in future. The high costs are certainly an expensive way for young people to start their independent life. There are things that can be done to reduce these expenses.

Adding Useful Devices

What you fit or do not fit on the vehicle will determine the price of the cover that you get. Fitting alarms and other security devices can help reduce the incidences of crime and vandalism and may lead to lower priced premiums or discount. You need to check with the third party car insurance agent to see if they have any discounts for it.

Another device that can be fitted to your car and is becoming quite popular in the UK is the black box. The objective of the black box was to try and separate young drivers and let them showcase their driving skills, instead of lumping them in one big group and subjecting them to an average of 2,000 a year in premiums.

The black box is fitted in the car and sends data to the insurer data collection center. The data analyses the driving style based on four main points; acceleration, braking, steering and speed. The data is then analyzed after every 3 months. If the young driver has met the criteria then the premiums are reduced immediately.

Companies that provide car insurance in London, which have been using this system have claimed that it has helped to reduce incidence of accidents and that the young people using these devices have 20% lower rates of accidents.

Costly Modifications

Just like adding these devices can reduce the costs, you need to watch out for modifications that may raise it. Young people are known to prefer modifications that will make their cars look cool and trendy. You need to watch for modifications such as alloy wheels which may significantly raise the cost of the cover. You may want to stay away from the expensive SUV or fancy cars unless you are comfortable about paying the amounts of premium that they require.

Taking Extra Lessons

Taking extra driving tests and lessons can significantly reduce your premiums. Many insurance companies will have these lessons and will subsequently have discounts ready for people who pass these tests. If you have the opportunity to take these tests, then do by all means and save money.

Make a point to drive responsibly especially when you are still under 25. A traffic offense can set you back a great deal and you will certainly pay more in premiums. Combining all the efforts will amount to very significant reductions in premiums that you get from third party car insurance companies.