Young driver insurance - different approach ?

bob_a_builder

Is this a flyer, or are there some unseen pitfalls

Son just passed test (1 day) , using confused.com gets a quote from Admiral for £3900 (TPFT)

If you change "period license held" to 0 years and 1 month - quote drops to £2200
Combine that with 1 months short term insurance @ £500 to cover that one month period gives a total of £2700 for year

Ignoring the fact that I could save 500 by him waiting a month for the moment

Any holes and flaws in the logic ?
( have to take care to cancel the short term insurance at right time to avoid being charged due to auto charging each month)

Why the massive drop due to holding licence for 1 month ?

Spiderham

bob_a_builder wrote: »

Is this a flyer, or are there some unseen pitfalls

Son just passed test (1 day) , using confused.com gets a quote from Admiral for £3900 (TPFT)

If you change "period license held" to 0 years and 1 month - quote drops to £2200
Combine that with 1 months short term insurance @ £500 to cover that one month period gives a total of £2700 for year

Ignoring the fact that I could save 500 by him waiting a month for the moment

Any holes and flaws in the logic ?
( have to take care to cancel the short term insurance at right time to avoid being charged due to auto charging each month)

Why the massive drop due to holding licence for 1 month ?

Answering your questions in order. Can't see any flaws, although haven't checked policy and details (caveat emptor, IANAL, this is not advice et cetera).

Don't know, makes absolutely zero sense to me as a rating model. Could be "interesting" mapping from aggregator answers to insurer answers (not your issue AFAIK), or could be a rating model I think makes no sense but works for them.

Also, do be aware that they could change rates/"fix" this issue in the intervening month so that price could shoot up.

As an aside, did you check Comp cover? Sometimes insurers price this cheaper as they find the people who buy comp to be better risks than the TPFT insureds.

bob_a_builder

we have tried full comp - but made it worse -
I know general logic is that full comp often better value than TPFT, but after a day of bashing the various sites doesn't seem so for us

as an aside even the so called specialists recommended by MSE are coming up with some silly numbers
Adrian Flux - £6000+
Swinton Yong drivers £6000+

izools

How old is your son and what is the car?

I've just passed my test, too, but my premium is under £1,000.

bob_a_builder

honda jazz 1.4SE (2004)
17 years old

- re original post, thinking about i overnight became convinced its a anomaly in the confused site,
the 2 drop downs are called "number of years" and "and number of months"

Seems likely the "and" in number of months has some how triggered site to assume 1 year + n months
it also didn't pick up that the differences between date of licence and date of start of insurance didn't match with "period license held"

EDIT :
Although now setting it to 1 year and 1 month - gives a quote of £1168
but site still doesn't pick up date anomalies ?

"premium Under a £1000 "

We're all dying to know the secret ?

bob_a_builder

Ah -

just spotted a fundamental error which would account for not picking up dates etc
he had his birth date 1 year earlier (probably from previous experiments to see how much it might reduce on 2nd year)

Now thats corrected, the 1 month trick isn't working

Sorry to have wasted everyones time !!

dibuzz

Damn, thought you had something there.
My daughter is about to take her test and is upset that once she passes she won't be able to drive as even adding her to my car is almost £4000.
I've tried quoting different cars in case me getting a smaller one would help but there isn't much difference.
I also didn't know until I read it on here somewhere that Aviva only give proof of 5 years no claims and I've been with them for 2 years now so am also annoyed about that.

ACG

The best way to get the insurance down is to get a 1ltr car.

I spent about 8 hours looking into ways to get insurance down - for a punto a few years old it was 2.5k. For a 106/C1/Aygo it was £1300 for a Corsa (1ltr) it was £1400.

I passed my test less than a month ago.

I was in 2 minds about leasing a C1 £2400 over 2 years and paying £1300 insurance or Paying £2500 for a year old Corsa and £1400 in insurance.

I chose the latter as i could atleast re-sell my corsa.

For a 1.2 ltr corsa it went back above £2k. Im 26 so i think you have actually got a half decent quote there considering he is 17 and its a 1.4 ltr.

eddddy

Hi Bob

I think the birth date (i.e. age) is the significant factor - possibly more so than the time a full licence has been held.

My son is 17yrs 9mths old - I've been playing with the comparison sites as well. Here's a typical quote example:

If I give the correct DoB (Insurance group 1, comp) it would cost £3,400 for a year.

If I make his DoB 3 months earlier (i.e. making him 18), it costs £2,600 for a year. (In both cases, I said licence held for 2 months.)


So I'm suggesting that he waits another 3 months until he's 18 before getting a car, and saving £800. (Obviously, I'm not suggesting that he lies about his DoB!!!)

eddddy

angelfire

dibuzz wrote: »

Damn, thought you had something there.
My daughter is about to take her test and is upset that once she passes she won't be able to drive as even adding her to my car is almost £4000.
I've tried quoting different cars in case me getting a smaller one would help but there isn't much difference.
I also didn't know until I read it on here somewhere that Aviva only give proof of 5 years no claims and I've been with them for 2 years now so am also annoyed about that.

If you are still looking at this, thought I'd mention that we have done what you are proposing for our daughter - we have changed our cars around so that she can be a named driver on my policy. We went with Aviva in the end and we have just bought a Skoda Fabia 1.2.

There were a few cars that Aviva quoted cheaper on, but we felt they were too tiny/tinny. We've ended up with a larger than average small car, that essentially is a VW, has air con, is really nice to drive (compared to the fiesta/corsa/spark/c2), has room for our two car seats and a massive boot that will hold a week's worth of shopping.

Aviva have said that my daughter will accrue a year's no claims with them, to be used if she takes a policy of her own out in the future with them. Considering they usually come out the cheapest (for us anyway), it was a no brainer. Furthermore, my partner recently had to claim from them and they dealt with the claim quickly, fairly and professioanlly. Can't really ask for more than that.

But do consider the Fabia, and run a quote on Aviva to see if you could make it work for you too xx