Being a student and starting off on the journey to university is great. For the first time in your young life you have that freedom and independence most young folk crave so much. There’s just one small downside – you usually end up being pretty strapped for cash, trying to eke out an existence on your meagre student grant, hopefully supplemented by a part time job
One of the rites of passage as a student is owning your first car, but the combination of car ownership and student status can cause difficulties balancing the books. Not only is it expensive enough to buy a car in the first place, but the cost of insuring it therafter can be prohibitive. Most people end up paying a lot more than they need to, but if you do your homework it is possible to find inexpensive student car insurance that won’t end up leaving you broke.
Here are a few simple but worthwhile tips to get the best possible deal for car insurance as a student:
Check out your existing policy
If you are already insured it’s worth paying attention to the terms of you existing cover.Check the fine print carefully because you may find there are certain declarations or assumptions on it which are costing you dear.Take, for instance, the part of your policy which estimates the value of your vehicle. You might find that you are insured for a vehicle which is a lot more costly than the one you actually drive. If that is the case, make your insurer aware of the position and expect them to adjust your premium in a downwards direction.
It’s all very well being loyal to your current insurer, but at the end of the day that very same loyalty may be costing you. Check out the alternatives available. There are plenty of comparison websites that can simplify the task for you, or you could ask an insurance broker to look into matters on your behalf. You might end up being pleasantly surpised at the discounted deals on offer.
The other thing to bear in mind is that this process of comparing quotes should not simply be a one-off. You should really check out the deals available every few months, lest you end up missing out. The only problem with switching policies on a regular or semi regular basis is that you may have to pay a termination fee to your previous insurers, so you need to factor any such charges into the equation when working out if it’s really worth it to switch.
Look at grouping insurance products together
Many insurers wll be happy to handle not only your car insurance but your other insurance needs such as contents, property and even life insurance – though this may be a bit optimistic on a student budget. If you group various products together with the same supplier, you should end up getting a more competitive deal. It certainly costs nothing to ask for a quote. Apart from any savings you may make, it is also easier to deal with the administration with only one company involved.
So there you have it – a few simple ways you can look to try to reduce your insurance costs – whether you are a student or not!