children learning to drive insurance

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bianchimoon
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children learning to drive insurance

Postby bianchimoon » Mon Nov 12, 2012 14:17 pm

gonna be expensive!! has anyone experience of the insurance implications once the child has passed the test?, anyone found the best way to do it, ie buy a second hand lower insurance group car and insure it 3rd party only? or should i just move house whilst said child is at college and spend her inheritance on a new bike?
Religion is capable of driving people to such dangerous folly that faith seems to me to qualify as a kind of mental illness - RD

laurentian
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Re: children learning to drive insurance

Postby laurentian » Mon Nov 12, 2012 14:43 pm

Had very recent experience of this with my daughter. Having looked at all of the alternatives, I believe the "black box" is the way forward.

Forgive me if you know what this is about already, but basically, the insurance company fits a recording and transmitting device to the car. This monitors speed, cornering speed, braking etc. and feeds results back to my daughter by e-mail. If the driver is exceeding the pre-defined requirements they are warned and the insurers have the right to increase premiums or withdraw insurance. For the first 3 months she is not allowed to drive after 11pm (which I don't think is a bad idea anyway). This way the insured can build up no claims bonus of their own whilst not having to pay silly premiums to cover the misdemeanors of the less responsible drivers of her age. She is 17 and the premium is £1000. Sounds a lot but we couldn't find a cheaper way of doing it whilst she has her "own" insurance.

If you're interested, I'll get details of company etc.
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bianchimoon
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Re: children learning to drive insurance

Postby bianchimoon » Mon Nov 12, 2012 14:47 pm

very interested, if you could let me know who you used cheers
Religion is capable of driving people to such dangerous folly that faith seems to me to qualify as a kind of mental illness - RD

pdstsp
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Re: children learning to drive insurance

Postby pdstsp » Mon Nov 12, 2012 14:52 pm

Insured my daughter in a basic ka as a provisional driver with me and Mrs pdstsp as named drivers - £1300. She passed test, informed insurance company and on first renewal they upped premium to £6,500. (Quinns)
Now we have transferred ownership of car to us and put her on works policy for no additional premium and it means she is covered on my car. Like the sound of the black box idea - sounds the way forward.

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bianchimoon
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Re: children learning to drive insurance

Postby bianchimoon » Mon Nov 12, 2012 15:01 pm

eeek, crazy money. At least if you go black box route she'll build up her no claims. Interesting artcle here about using your kids as named drivers
http://www.guardian.co.uk/money/2010/ju ... -insurance
Religion is capable of driving people to such dangerous folly that faith seems to me to qualify as a kind of mental illness - RD

CYCLESPORT1
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Re: children learning to drive insurance

Postby CYCLESPORT1 » Mon Nov 12, 2012 15:18 pm

My son is 19 and passed a few weeks ago, no point him buying a £1000 car as the best insurance deal I have found is about £3500 !
But yet he has the use of a 2.8lt diesel 4+4 from the farm he works at !

laurentian
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Re: children learning to drive insurance

Postby laurentian » Mon Nov 12, 2012 15:41 pm

Here you go Bianchimoon

http://autosaint.co.uk/

Good luck!!
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bianchimoon
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Re: children learning to drive insurance

Postby bianchimoon » Mon Nov 12, 2012 15:51 pm

thanks appreciated
Religion is capable of driving people to such dangerous folly that faith seems to me to qualify as a kind of mental illness - RD

tiredofwhiners
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Re: children learning to drive insurance

Postby tiredofwhiners » Mon Nov 12, 2012 16:05 pm

laurentian wrote:Having looked at all of the alternatives, I believe the "black box" is the way forward.


Spot on, especially if they are male.

Wheelspins, pay more.
Sharp turns, pay more.
Hard acceleration, pay more.
After dark, pay more.

They learn very quickly to come out of the nest and to become adults and actually become paranoid and upset when they access the data online(where else!) and see when they have misbehaved and the price.

http://www.comparethebox.com/

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bianchimoon
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Re: children learning to drive insurance

Postby bianchimoon » Mon Nov 12, 2012 16:22 pm

good find ToW, thanks
Religion is capable of driving people to such dangerous folly that faith seems to me to qualify as a kind of mental illness - RD

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dw300
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Re: children learning to drive insurance

Postby dw300 » Mon Nov 12, 2012 19:21 pm

Your 3 main factors are ..

Age .. Number of year driving .. No Claims Bonus.

I'm sure it varies, but as the person gets towards 25 insurance will go down. As the get towards having their full licence for 5 years, it goes down. And I'm not sure where the peak on the bell curve for No Claims is optimal, but I'd guess it'd about 5 years judging by my own, and friends experiences.

So .. what I'd suggets is that you get a a cheap-to-insure car for them, insure it in your name with them as 2nd driver. Do this for about 5 years. By that stage they'll be old enough and have had their licence long enough that they can get insured under their own name. Sure, they'll have no No Claims Bonus, so it might not be as cheap at that point as if they'd insured on their own name from the beginning .. but it'll probably still save a lot of money in the long run as you'll save tonnes in the early years.
All the above is just advice .. you can do whatever the f*ck you wana do!
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bianchimoon
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Re: children learning to drive insurance

Postby bianchimoon » Mon Nov 12, 2012 19:49 pm

dw300 wrote:Your 3 main factors are ..

Age .. Number of year driving .. No Claims Bonus.

I'm sure it varies, but as the person gets towards 25 insurance will go down. As the get towards having their full licence for 5 years, it goes down. And I'm not sure where the peak on the bell curve for No Claims is optimal, but I'd guess it'd about 5 years judging by my own, and friends experiences.

So .. what I'd suggets is that you get a a cheap-to-insure car for them, insure it in your name with them as 2nd driver. Do this for about 5 years. By that stage they'll be old enough and have had their licence long enough that they can get insured under their own name. Sure, they'll have no No Claims Bonus, so it might not be as cheap at that point as if they'd insured on their own name from the beginning .. but it'll probably still save a lot of money in the long run as you'll save tonnes in the early years.

That was my first thought, i need to do some maths as young driver will only be driving sparingly and main things i have to take into account is
a) cost per driving hour of insurance
b) building up no claims bonus now or when 25 (when uni's finished and she's paying own insurance)
I do like the black box idea to help teach sensible driving tho'
Religion is capable of driving people to such dangerous folly that faith seems to me to qualify as a kind of mental illness - RD

confused@BR
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Re: children learning to drive insurance

Postby confused@BR » Mon Nov 12, 2012 21:06 pm

@dw300, that advice sounds like 'Fronting', see Guardian article above. Happy to be wrong though.
'fool'

Mouth
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Re: children learning to drive insurance

Postby Mouth » Mon Nov 12, 2012 23:57 pm

Slightly different scenario but when my mate had his first car he insured it in his own name and added his parents as his named drivers which halved the cost to something reasonably sensible. It was actually cheaper that way than him being on either of their policies as named driver.
The only disability in life is a poor attitude.

pdstsp
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Re: children learning to drive insurance

Postby pdstsp » Tue Nov 13, 2012 09:09 am

Mouth wrote:Slightly different scenario but when my mate had his first car he insured it in his own name and added his parents as his named drivers which halved the cost to something reasonably sensible. It was actually cheaper that way than him being on either of their policies as named driver.


This was certainly our experience when insuring a car for my daughter - we registered the car in her name and had us on the policy as named drivers. Which is why it was something of a shock when the premium went from £1,300 to £6,500 when she passed her test! The policy would have been fully comp by the way.

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ad_snow
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Re: children learning to drive insurance

Postby ad_snow » Tue Nov 13, 2012 13:28 pm

When I passed (2008) I got myself insured on a Renault 5 1.4L engine. (Car cost me £200) The insurance was through Direct Line and came in at a very reasonable £1200 for fully comp. This was insured at my parents address, quiet-ish in the south of Hampshire.

When I moved away from home (to Lincoln) the insurance went up to £1600 for 3rd party (I had a 1.6 Astra by then) but dropped to £1,070 after 1 year (I was 19 and a half). with 1 full year NCB.

2 and a bit years down the line and me and the missus have a 1.4L Pug 206 which costs a smidge over £500 for us both fully comp through Admiral.

The numbers being talked about here are just silly.. has it really gone up that much in the last 4 years?

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T.M.H.N.E.T
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Re: children learning to drive insurance

Postby T.M.H.N.E.T » Tue Nov 13, 2012 13:46 pm

My sister was a named driver on parents policy for years, when she finally got her own car the company basically gave her a letter of "yes Miss------ was very safe for x years, we recommend x years no claims"

At this point my mum was a named driver on sisters policy for a few years - her insurers were only too glad to offer some NCB when my mum got her own car again.

Being the male of the family I never had that luxury, £1300 TPO in my first year for a 1.9SDI Polo @22yo.

It hasn't changed much now but I did end up finding one of the few insurers who still offer drive other cars cover to under 25's :lol:

Mouth
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Re: children learning to drive insurance

Postby Mouth » Tue Nov 13, 2012 18:12 pm

Makes me think that I was lucky. At 18 I paid £750 for tpft on a 1.3 mk2 astra with no excess.
The only disability in life is a poor attitude.


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