To insure or not to insure – That is the question

According to a recent survey, it has been suggested that young drivers are the worst offenders when it comes to insuring their car. With the high cost of premiums for younger drivers, is it any wonder they can’t or won’t get insurance and what is the true cost if you get caught. According to research 15% of all UK motorists have broken the law by getting behind the wheel of a car they weren’t insured to drive. Steve Sweeney, head of car insurance at Money Supermarket, said ‘A staggering number of drivers are prepared to hit the roads without insurance – a practice that is not only illegal but highly dangerous. Younger motorists are the biggest risk takers, with 28 per cent of 18-34 year olds admitting to driving a vehicle they weren’t insured to compared to just seven per cent of over 55s.’ This is an astounding figure considering the amount of drivers on our roads and this only adds to the bleak future that is already facing every motorist in the country. A Vicious Circle It is estimated that uninsured drivers cost the industry £500 million a year and adds an extra £30 each year on top of premiums. Therefore with premiums getting more expensive, this is leading to more uninsured drivers, thus creating a vicious circle. Police, Camera, Action The Motor Insurance Bureau (MIB), deals with over 30,000 claims every year from victims involved in accidents with uninsured and hit and run drivers. Uninsured and untraced drivers kill 160 people and injure 23,000 every year. In 2006, new technology in police cars, allows them to spot uninsured drivers in seconds with automatic number plate recognition systems. Since then they have seized more than 400,000 uninsured vehicles and 40% of these have been crushed. Drivers without insurance face the inconvenience of no vehicle as well as a £200 fixed penalty, £150 collection charge, £20 per day storage, 6 points on the license. No vehicle is released until proof of insurance is produced. Now if you thought that the initial fines were bad enough wait until you do eventually insure your car with 6 points on your license. Using price comparison site Confused.com, the cost to insure a 21 year old male with no ‘No Claims Bonus’, driving a 2005 Ford Fiesta, around 10,000 miles a year is £3986. If that driver does not insure his car at that price and gets caught, using the exact same details, but with 6 points on his license the quote is now, £9996. The premium has more than doubled and there are not many 21 year olds I know that would be able to afford that type of premium, effectively banning them from the road for a very long time. Insure your car now So there you have it, it really is not worth running the risk of getting caught without insurance. Here are some useful tips to help reduce the cost of your premium. • Park carefully Park your car in a garage or driveway, this can lower your premium by up to 7%. • Add a second person to an under-25s policy For younger drivers, add your parents to the policy. Even if they won't use the car often, it can smooth out the average risk and sometimes reduce the premium. • Add a security device Fitting an alarm or immobilizer will not only keep your car safe, but also reduce the cost of your car insurance. • Don’t modify your car The more you modify your car, the more you’ll be charged. A modification is anything that is not part of the standard vehicle specification including factory fitted optional extras, such as alloy wheels. • Reduce your mileage Simply put, the less you drive, the cheaper your insurance will be.