Ditch the kids! They could cost you more than money
For the past decade or two, it's been common practice for parents to add their children onto their motor policy as it invariably cost less than having the child take out their own cover.
Over recent years, insurers' approach to these policies - known as 'fronted risks' - has changed. As a result, some parents who have added children to their policy and subsequently made a claim have seen their policy cancelled and deemed void. So where you may have saved several hundred pounds in insurance costs by 'fronting' a policy for them, you could potentially lose your car following a total loss incident if cover is voided.
The reason, insurers say, is that the correct premium for the risk has not been charged. As a result, it is now more common to see cheaper premiums for the child taking out their own policy than for a comparative cover quoted with the parent as policy holder. Especially with the advent of young driver car insurance which is now available.
As a further to benefit to younger drivers, the sooner they start taking car insurance cover in their own name, the sooner they start earning their own No Claims Discount.
It's a common cry of parents when faced with a big bill for covering their children that their children are 'good drivers' or 'better than I was when I started driving'. Insuring in the childs' own name at least gives them a chance to prove themselves!
Our full list of car insurance providers who provide online quotations can be found here.
- Buy online - the easiest and most obvious one! Most insurers offer some kind of incentive for you to buy online. Click here for over 30 online car insurers.
- Shop around - it's a free and very competitive market, so don't be afraid to shop around and see who can offer you the best service at the best price for you.
- Voluntary excess - by simply increasing your voluntary excess (the amount you agree to pay towards a claim) your insurer will likely reward you with a lower premium.
- Vehicle security - some insures will apply discounts for approved alarms, immobilisers or tracking devices on your vehicle. Check out the options while you are completing your car insurance quotes.
- Keep all your eggs in one basket - insurers like customer loyalty and will likely reward you for having multiple polices with them.
- Take the right level of cover - consider the value of your car when choosing a level of cover. Is an insurer likely to write your car off instead of repairing it on comprehensive cover?
- No claims discount - you've earned it so try and keep it. NCD has a huge impact on your premium. Only claim if you really have to. A scratch is easily fixed by yourself or a friend and really shouldn't warrant a claim.
Our full list of car insurance providers who provide online quotations can be found here.
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