Whether you’re dealing with rusty hand-me-downs, the parents are financing your dream motor or you’re a legitimate first-timer, purchasing your first car can cause a lot more hassle than it’s worth. Insurance will be the biggest chunk of your financial budget, and you’ll have to decide what options are best for you and your car, from all inclusive cover to third party fire and theft.
Choosing the right car can mean the difference between having some cash left over at the end of the month, and burning all of your money on petrol. Firsts things first – don’t chose a high powered engine! Powerful, luxury cars are extremely expensive to insure, especially for first time drivers. Buying a car with a smaller engine size may mean less power beneath your feet, but you’ll be left with more money in your wallet. To narrow things down, it’s best to look for 3 door, 1 litre motors that will be placed in the lowest insurance groups.
Your insurance will also depend on the value of your car. If you buy a brand new high spec car, it will reflect on your insurance quote. These types of motors are classed as high risk, however if you go in for a second hand car that’s cheap, it will benefit your pocket. If you’re looking for a brand new car, car finance allows you the freedom to select a new motor without killing your bank balance.
The minimum amount of cover you can get is third party fire and theft. Covering you for damage to other people’s property and injuries you may cause to them makes it a winner for first time drivers. It will also cover you for damage caused by fire or theft to your car, however it does not cover any accidental cover.
Keeping a clean licence is one of the best ways to drive down those insurance costs. Avoiding penalty points and convictions will benefit your licence in the long run, as it will cost to insure your vehicle if you’re classed as a high risk driver. Driving under the influence of alcohol will endanger the people around you, as well as causing insurance companies to blacklist you from cover. By keeping accident-free for the duration of your insurance cover, you’ll be able to gain a ‘no claims bonus’ when renewing your contract, allowing you discounts on your premiums.
Pay in full
In order to access the lowest car insurance prices, its recommended that you pay your cover in full, instead of instalments. It may be expensive, but you’ll benefit from not having another monthly outgoing.
We’ve all got a boy (or girl) racer in us, but keeping your car simple will keep your payments tidy too. By adding modifications to your car, your insurance will have to reassess your cover and will most likely increase your payments to match your motoring extras, making spoilers and turbochargers a bad idea.