- Motors
CARN'T BELIEVE IT
Read on for a guide on how you can make huge savings
- Jane Matthews
A DAD has revealed how he slashed his son's car insurance by a whopping £450.
Marc says the cost-saving came after Martin Lewis shared a free trick.
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The Money Saving Expert revealed in recent weeks how young drivers could cut insurance costs, after revealing they'd skyrocketed a massive 49%.
Martin said that means insurance for drivers aged 17-24 now averages a massive £2,000 a year.
He said this is because drivers under 25 are less experienced therefore insurance companies see there is a higher chance of them crashing - and the company having to payout.
But, the expert revealed there are a number of ways to bring costs down - including adding family members as drivers of the car.
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The Money Saving Expert said: "If you have a family member or friend whomaydrive the car and has a good driving record, adding them as a second driver can make you appear less risky and bring prices down.
"Try out different combinations - for example, add one parent to see the impact, remove them and add the other, then try both."
One dad, Marc, wrote in and said the tip worked for him - and saved him 30% on his son's bill.
He said: "I renewed my 18-year-old son's car insurance and saved a whopping £450 by adding my wife as a named driver.
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"Massive thanks."
Lewis did warn to take care when it comes to adding parents - or others - as drivers.
Martin Lewis warns EVERYONE who owns a van, car or motorbike they could be owed £1,000s
He said it can be classed as fraud.
The Money Saving Expert wrote: "Never add a parent (or someone else) as a main driver if they aren't.
"This is 'fronting' and it's fraud. It'll be checked if you claim and the insurance will be invalid if you're caught.
"You could even be prosecuted. Don't do it."
Lewis often gives motoring money-saving tips.
In November the expert told everyone auto-renewing their car insurance they face rising bills.
A confused fan emailed into the show and claimed: "Last year's price £315. This year's renewal £658.
"Comparison website checked and a new policy would be £380 Regularly auto-renewed. Never again."
Martin agreed, saying "yes, never again" - telling Brits to ensure they did not use auto-renew schemes.
He also said people could save £100s by making a simple change on their insurance.
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Thewebsite's latest newslettersaid: "Take a few minutes to check if you're overpaying.
"If you are, even if you're not near renewal, you may be able to lock in a price to forestall future increases for a year."
How to cut your costs on young drivers' insurance
The Money Saving Expert says adding a responsible second or third driver can cut young motorists' insurance costs.
Adding a second driver should push the cost up, yet bizarrely it can cut your costs.
The experts tried adding a 40-year-old family member as an 'occasional' user (not a main driver) to an 18-year-old's policy which cut the premium by around £1,000.
The Money Saving Experts have offered seven tips to show how it can cut your costs.
- Car insurance is all about risk.That's why it can work, if you're a high-risk driver and you add someone who is a much lower risk as a 2nd (and/or 3rd) driver, they can bring down the average risk and you may get a cheaper policy.
- This isn't just for young drivers.While it works well for young drivers as they are automatically seen as a high risk and know many people, like their parents, who may be lower risk it can work for anyone – but of course is especially powerful for those with costlier insurance.
- The better the driving history and lower their risk, the more impact it should have. Those with a good driving record are likely to help make the most savings, but anyone who's a lower risk can help. By law insurers can't discriminate over gender, but age, driving experience and history can make a difference.
- This is about trial and error not logic.Your mum may increase the cost, your brother may cut it, or vice versa. It's just a question of trying different quotes and seeing what happens.
- Different insurers respond in different ways: One may cut your costs adding your uncle, another may increase it. Therefore a quick way to check is by varying quotes on comparison sites – it's easy to do, see ourtop comparison siteslist below.
- The second driver should be someone who would reasonably drive your car.So don't add Lewis Hamilton, unless you happen to be his brother (and even then racing drivers are likely a very high risk so I wouldn't bother) – but your mum, son, best mate or gran should be OK – as long as they would drive the car.
- Never add someone as main driver if they're not.This is known in the industry as 'fronting' and is fraud. If you do it and are caught you can face a criminal conviction and your insurance will likely be invalid.
