Advice for Parents: Helping your Kids save Money on their Car Insurance

Posted on Feb 5 2015 - 5:20am by Desk of Editor

Most parents will agree that times have changed when it comes to car insurance. When you compare the process and premiums that young, new drivers face to how it was when you were their age, it’s certainly not an enviable situation to be in. Along with this though, you will also want your children to be able to drive their cars with proper cover at a price they – and invariably you too – can afford.

Kids save Money on their Car Insurance

This may sound pretty hopeless for all parties concerned but what you’ll be reassured to hear is that this isn’t necessarily the case. Yes, premiums are high, but there are ways and means for you to help your kids save money on their car insurance. What follows are some methods for you to try:

Keep their Car Secure

We all remember our first car and in the majority of cases, unless you were very fortunate, it probably wasn’t a flash new motor. Naturally, having a newer more modestly sized car can help bring prices down, but this isn’t always an option. So you need to think outside the box!

If your son/daughter still lives in your home make the most of the added security your property can offer to help lower insurance prices:

–          Can you lock your car in a garage?

–          Do you have off-street parking?

–          Do you have gates at the end of your drive?

If not, you could also invest in security features for their car like alarms, central locking and immobilisers.

Young Driver Specialists

With careful research into the insurance markets, you can find providers with specialist policies aimed at young drivers, much like what AXA have available. This can range from benefits like student discounts, to existing multi-policy discounts.

Some companies also use telematics technology to monitor how the policyholder drives their car, checking they are driving safely, legally and appropriately in-line with their cover’s requirements. Which if installed, really can bring down prices significantly.

Encourage Positive Values

It’s not all about the present though; you should consider the future policies your children will need to pay for. Essentially, you need to ‘play the long game’ with this and encourage them to drive as contentiously as possible so that they build up a full set of no-claims bonuses.

So there you have it, just a few ways to consider to help bring your children’s first car insurance costs down. While at the same time, put them on the right path to make even more savings each year.