Most standard insurers base a quote on the driver’s age, employment status, address, marital status and estimated mileage.
At least 2 millions drivers are thought to be uninsured in the UK and many of drivers are under 25. The Co-op says that with higher premiums for younger drivers and inflation rates it is leading to an uninsurable generation.Those under the age of 25 can pay anything up to £2000 for car insurance and for many who are still at college or university, it is almost impossible for them to find this kind of money.
The Co-op is working alongside other insurers to promote a new scheme which will allow drivers to pay as they go and make huge saving by driving during off-peak hours.
Drivers wanting to take advantage of this scheme will be required to complete a short online training course and answer questions such as the dangers of not wearing a seat belt or speeding and the effects that drink and drugs can have on an individual’s driving behaviour.
A black box will be placed in the car which will be able to record when the car is being used. If the driver drives in what is known as the red hours (11pm-5am) they will be charged an additional £45 on top of their payments. It is thought that most car accidents involving young people happen in the red hours.
There are also lots of other insurers who allow drivers of all ages to pay for single day use or monthly use of their vehicle. This will especially help those who hold a provisional licence and want to learn in their parent’s vehicle.
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