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Car Insurance Premiums

New initiatives by insurance companies may ensure that more young drivers have car insurance cover at an affordable premiums.

You are quietly making your way home in your Astra or Chelsea Tractor when WALLOP!!! The peace and quiet of your journey is shattered by another car which appears from nowhere and seriously mauls your pride and joy i.e. your nice shiny motor. After the initial choice words you resign yourself to the fact that it was the fault of the other driver, you have independent witnesses, and anyway his insurance company will take care of the costs.

Well maybe they will, but then again maybe there is no such company. Your suspicions may well be aroused when the other driver disappears as quickly as he first appeared. If your only glimpse of him was of a relatively youthful driver, then maybe he is not insured - not even for the legal limit of third party only.

There could be a reason (not an excuse) - it is likely that he is not insured because he cannot afford to pay the premiums. Your reaction is likely to be that lack of funds is his problem, and you just want payment from his insurance, or from him, for the necessary repairs as you are not prepared to forfeit your no claims bonus on his behalf. (cheap home insurance)

Very possibly on this occasion you may be unfortunate, but take heart. It appears that the insurance companies may be working towards a solution to this problem. Not through altruism on their part, but because anyone driving without insurance is creating problems for any of their customers with whom the uninsured may come into contact. Also uninsured drivers are not paying premiums into their coffers. (car insurance)

The inability of drivers in the 18 to 25 age range to afford insurance premiums should come as no surprise, especially when bearing in mind that for a very average car a typical premium will be in excess of £1000 and may actually be above £1800 per year. Add to this the fact that the insurance providers are currently putting into effect price increases of anything up to 40%, which would hike the prices to a likely £2500 per year, and we realise that most drivers are going to find the going very bumpy.

With 25% of road accidents attributed to young drivers, and with 4 out of 5 deaths in the 15 to 19 age range occurring in road crashes, it is clear that some action is needed. So Insurance companies have hit on the idea of applying a voluntary curfew, which would be self-regulated on the basis of ability to pay. (loan)

Norwich Union, the countries second largest motor vehicle insurer, set up a test group some 18 months ago. This comprised 1500 young drivers who agreed to pay an car insurance premium which was based on their personal situation, distance travelled and time of travel. A basic monthly premium covers the cost for driving up to 100 miles per day between 6am and 11pm; any distance above this limit is charged at 6p per mile. (loan costs)