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I am not but car insurance companies are being VU!

(44 Posts)
t0lk13n Sun 07-Oct-12 15:33:04

My 17 yr old is learning to drive and will sit his theory test v soon. I started to look at insurance prices. What an absolute joke and a rip off! How do people afford it. I will cost me more to insure him per month than I pay for the whole year for my insurance....I only have a 1.2 Hyundai! Insurance companies make a bomb!
I am lucky that both of us work but I am not sure that that price is affordable! I have heard horror stories but didn`t realise I would be one of them!

It's ridiculous. I think there are things you can do to lower it like additional driving courses. Have a look on money saving expert

mellen Sun 07-Oct-12 15:35:58

Its do do with the cost of paying out on the insurance claims. They wont offer insurance if it makes too much of a loss.

OldLadyKnowsNothing Sun 07-Oct-12 15:37:17

Have you heard of Pay as You Go insurance? There are restrictions on the time of day etc but can offer savings.

nocake Sun 07-Oct-12 15:48:09

I can assure you that insurance companies aren't "making a bomb" from car insurance. The reason it will cost a lot to insure your son is that the chance of him having an accident is very, very high and remember it isn't the cost of his car that matters. If he hits a Porsche... or a house his insurance company has to pay out.

phantomnamechanger Sun 07-Oct-12 15:49:53

Your son may be a model driver and extremely sensible, unfortunately statistics say he is a very high risk group. So the premiums are high. It is not about them ripping you off.

quoteunquote Sun 07-Oct-12 16:01:05

make sure she does pass plus as this will reduce insurance costs,it does for anyone who wants to reduce costs,

and then do IAM

Tuttutitlookslikerain Sun 07-Oct-12 16:05:00

If you are wanting to add him as a learner for a while, have a look at Collingwood Learner Driver's insurance. We added DS1 to DH's 1.4TDi Polo for £360 for 24 weeks. As soon as he passes the insurance will stop. You can do it for a shorter amount of time, but in all honesty it works out far cheaper to do it for the maximum 24 weeks.

I know what you mean about the cost though. We pay £226 a year for DH and I to drive the Polo, it costs that a month to add DS when he passes!

deleted203 Sun 07-Oct-12 16:06:18

Absolutely agree! I have Peugeot 106 which is group 1 insurance - and first quote I had to put my 18 yo DS (who had just passed test) on it was for £4,700. WTF???? It is currently £180 for myself. Look into getting a black box fitted which monitors his driving....we managed to get quote down to £1800 for that - but it's still damned expensive.

SugarPasteMonkey Sun 07-Oct-12 16:59:28

It's expensive for a reason. A young inexperienced driver is far more likely - above any other group - to have an accident causing serious injury or death, to either their passengers or the people in the other car.

The motor insurance market is not particularly profitable - many insurers make a loss on this side of the business.

sookiesookie Sun 07-Oct-12 17:02:27

Insurance works on statistics. Your ds is a high risk category.

imperialstateknickers Sun 07-Oct-12 17:06:18

A friend who has a recently passed 17 yr old son bought him an old landrover with no seats in the back, insurance was much lower as he could not carry and therefore damage more than one passenger.

goinnowhere Sun 07-Oct-12 17:09:19

It is expensive. Do they really need to learn yet?

TheHeirOfSlytherin Sun 07-Oct-12 17:09:47

Dh has been driving 5 years now and we still haven't managed to get the insurance below £1000 for the year. We live in an ok area, not great but not bad, have his mum as a named driver and he has no points or claims etc. I've pointed out his car is in insurance group 19 but apparently there is not one car in groups 1-18 that he would rather have. hmm

BikeRunSki Sun 07-Oct-12 17:26:15

The risk the insurance companies are taking is not about the value of a new driver's car, it is about the likelihood of them damaging high value property or injuring/ maiming / killing someone. Your car is the least of their worries.

SugarPasteMonkey Sun 07-Oct-12 17:28:29

One way to try and look at it is that it is expensive now but in terms of a life skill, the money spent on insurance now is an investment in accruing No Claims Discount and driving experience. You'll start to notice a difference in cost once they have a few years claim free driving under their belt.

Young Marmalade is a good scheme to try if you're looking for a car + insurance for a newly qualified young driver. Alternatively brokers like Adrian Flux have access to specialist schemes designed specifically for young drivers, so may be able to get you a better deal than the comparison websites and high street insurers.

t0lk13n Sun 07-Oct-12 17:49:25

I have been told that as I drive the car mainly and he will have it on odd days when i am not, he can`t have the box that limits him as it will limit me. I know he is a high risk driver, I am not that ignorant but I do wonder the extortionate prices as some quotes for certain cars are more than the worth of the car. A policeman told my husband that we are mugs who would pay it as so many youngsters drive without insurance as it costs less to pay the fines than the insurance. I would never do that as my conscience wouldn't let me. May just be the area we live in! Will probably have to pay up but I wonder how the insurance will go down and how can he build up no claims if he is not the first named driver. I have tried to put him as the first driver and me as second to see the cost of it but the two insurance companies wouldn`t let me, i.e. no quote available.
If he passes before Christmas it can be his present! and his 18th birthday present!

That Police Officer should be ashamed of himself. What if a young person hit another person and had to pay for their care for the rest of their life?

t0lk13n Sun 07-Oct-12 17:57:52

I know....I have a disabled son too and wouldn`t wish that on anyone so would never risk it myself nor let my son drive without insurance. Will just have to swallow the price and pay it when he passes. Must be pluses like him going to pick up disabled son or his nana or go for milk etc x

mellen Sun 07-Oct-12 18:01:15

" I do wonder the extortionate prices as some quotes for certain cars are more than the worth of the car."

Its not so much about the cost of the car, it is the cost of compensating people for injury.

hatesponge Sun 07-Oct-12 18:12:29

It's the cost of claims which is to blame for the high cost of premiums.

The average personal injury claim settles for around £5k. That's the average of course. Also it doesn't include the cost of repairs/hire which can be the same again, or more.

Young people unfortunately have more accidents, and the accidents they have are more serious/attract higher levels of compensation - often because they will have 3/4 people in the car with them.

CaliforniaLeaving Sun 07-Oct-12 19:08:20

What kind of discount do they get for passing the Pass Plus scheme? Anyone know.
My one Ds is 24 and his insurance was horrendous until last week when he bought himself a new car, smaller engine, he needs it to see clients out and about so no choice but to pay.
Other Ds (18) is taking lessons with an instructor in UK now, he was driving in US since 15.5 years with no claims and it doesn't count, so when he gets his UK license he'll have high ins. He needs his full license for his career choice too. Debating between Ambulance service or Police.

Tuttutitlookslikerain Sun 07-Oct-12 19:47:57

I don't know about discounts for pass plus, California, but we're going to getDS1 to do it. There are some insurance companies that let them build up a no claims, just by being a named driver. I think Direct Line is one of them.

DS1 was reluctant to learn at first, but I am disabled and DH is Forces so goes away , so I really need someone else who can do a bit of the running around. I am luck in a way, as I have the option of adding DS to my Motability car, so he can do errands for me. He wants to join the Army, so a full. Driving license will come in handy and it is easier to Learn now while he has the time, than when he has a full time job!

GreenShadow Sun 07-Oct-12 20:29:30

Pass Plus is a bit of a con (from the insurance point of view anyway).

DS1 did it and I think it was actually useful and worth doing, but didn't mean we could get a discount on insurance. You may get discounts if you are paying over the odds in the first place, but not from the cheap companies who specialise in young people's insurance.

CaliforniaLeaving Sun 07-Oct-12 22:03:11

GreenShadow Who are the cheap companies for young people insurance?
I emailed Ds the link to pass plus and told him to talk to the Driving instructor about it. He can already drive from learning here, he drove to High school for the last two years but needs practice driving on the other side of the road and we have no roundabouts here.

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