Car Insurance - 17-year-olds able to pay monthly?

dan2k7

Hi guys,

I've got a bit of a problem - I'm due to start my own policy with Prudential, but it's £1827 and I have to pay it all in one lump sum because I'm seventeen-years-old and don't have a credit rating. I've been told by the company that I can't have a parent as a guarantor (i.e. paying on my behalf), and I know that having a parent as a named driver does not enable me to pay monthly.

Obviously at 17 I can't affors to shell out £1800 just like that, so I'm trying to persuade my dad to pay it all himself and I pay him back monthly! I presume he'd either do this by using his overdraft, or by taking out a 12-month bank loan (I've found £1800 12-month loans for around £1890?). Which would be the cheapest way, and could anyone recommend any alternative solutions at all?

Any help would be greatly appreciated.

HeadInSand_2

What about a company such as Ecar - they do monthly policies, no credit involved, each month is a new contract. They also have bonus accelerator schemes, 1 year NCD after 10 months etc.

Inactive

You could wait until you can afford to run a car.;)

kammyk

why dont you get your parents to be the main policy holders and you as a named driver? its usually cheaper isnt it? what car you got?

marc.faulkner

Inactive wrote: »

You could wait until you can afford to run a car.;)

To be fair, I am older than the OP, and earn a relatively good salary, yet I could still not afford to pay £1800 in a lump sum :rolleyes:

The fact that I don't have the cash to pay upfront, does not mean that I should not be able own and run a car - I am more than able to meet the necessary costs, just not in one lump sum. (Eg, I could not afford to pay £1300 is a lump sum for my petrol, but £25 per week is managable )

marc.faulkner

kammyk wrote: »

why dont you get your parents to be the main policy holders and you as a named driver? its usually cheaper isnt it? what car you got?

Think you'll find that this is insurance fraud. This scenario is known as 'fronting', and if caught the OP (or anybody else dong this) would find that their insurance was invalid.

marc.faulkner

HeadInSand wrote: »

What about a company such as Ecar - they do monthly policies, no credit involved, each month is a new contract. They also have bonus accelerator schemes, 1 year NCD after 10 months etc.

I'm with eCar

I personally have an annual policy with them, however their PAYG policies do seem a good way to go for the younger driver (especially when under 18, and therefore unable to sigh a CCA). I'd also advise going through Quidco, the cashback from eCar is quite nice

dan2k7

HeadInSand wrote: »

What about a company such as Ecar - they do monthly policies, no credit involved, each month is a new contract. They also have bonus accelerator schemes, 1 year NCD after 10 months etc.

Thanks - just tried with them though and was quoted £2300! I tried their PAYG/monthly policy and I got quoted £240 a month, which is too much! I'd be able to afford Prudential's £1800, as that'd be about £150 a month.

Any other ideas?

Inactive

dan2k7 wrote: »

Thanks - just tried with them though and was quoted £2300! I tried their PAYG/monthly policy and I got quoted £240 a month, which is too much! I'd be able to afford Prudential's £1800, as that'd be about £150 a month.

Any other ideas?

Get a lower insurance rated car, group 1 or 2 ..

greyster

Passplus is a MUST.

One of the best things I ever did.... the savings on insurance pay for the course fourfold.

dan2k7

greyster wrote: »

Passplus is a MUST.

One of the best things I ever did.... the savings on insurance pay for the course fourfold.

I know it helps but unfortunately it hasn't helped much with regards to quotes!