How Families Can Save on Their Car Insurance
Families in Ireland wishing to save money could consider reducing the number of cars they own, which cuts the amount spent on motor insurance.
Homes with working adults and teens tend to appreciate the freedom and independence that owning vehicles brings. However, depending on the age of those living on the property, cars and their associated costs often proves to be a large expense that some struggle to pay. For example, if you are a younger driver, or are responsible for them, you are likely to be very aware of the higher price paid for motor insurance.
Premiums for both male and female teens are significantly higher than adults who are several years older than them, with men from this age group much more likely to own expensive policies. This is due to the increased number of accidents that young people experience, so firms raise premiums to reflect these statistics. Consequently, household bills will rocket if they take into account car costs associated with teen drivers.
On the other hand, you may also share your home with older drivers who are also required to pay a little more towards their policies once they reach a certain age. Also, if you have been issued with penalty points or other fines, it is likely that your premium will rise accordingly, which can lead to soaring outgoings. There are steps that can be taken to reduce the effect that these instances have on household expenses.
Although teens value their independence, it may be worthwhile to put them on to a parent’s policy rather than buy them their first car straight away. Some insurance firms allow policyholders who have younger drivers to do this, although it may prevent them from building up a no claims bonus as they are not registered as the named motorist. If the younger driver has some experience as a named policyholder and has made no claims, they could find that a different company offers them a discount on their premium for their clean driving record, which is another way to save costs should they go ahead and purchase their own vehicle.
Meanwhile, mature drivers ought to look for policies that reward them for building up a no claims bonus. After several years of motoring without any claims, bonuses can be protected meaning if a collision occurs, you can continue to pay your premiums at the same rate as before the event took place. Experienced car owners who have received fines may like to shop around for their ideal policy. In this instance, you may find that monthly payments towards your premiums are better suited to your finances, as you are able to pay them gradually over the course of a year.
