My first car is going to be a fiat 500c thats about 3 years old. I am 18 years old in the UK whats an estimate of price for the insurance for the year?
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My first car is going to be a fiat 500c thats about 3 years old. I am 18 years old in the UK whats an estimate of price for the insurance for the year?
There are many factors which are used by the insurer to calculate the risk and so the premium they charge for car insurance - these are mainly;
1 Age of the policyholder (who must be the Main driver, and registered keeper) and that of any additional drivers.
2. The cars age, mileage, value, insurance group, security and the companies own claims history for that vehicle
3. The occupation of the policyholder and any named drivers
4. The claims history of any drivers
5. The licence details of drivers (endorsements, length of time held)
6. Where the car is normally kept overnight (is it the policyholders address? on road is more expensive than on a drive which is more expensive than in a locked garage.
7. What use will the car be insured for, social and domestic is the minimum but if commuting and use for the policyholders business or their employers business is added the price increases. If used to commute where is the car to be parked when there - on road or in a car park.
8. Does the car have any modifications from the standard factory fresh condition like alloy wheels or performance enhancements - some insurers will refuse to cover modified cars, some will increase the price and some will cover them but only for return to standard.
You need to tell the full truth about everything asked and inform them of any changes to any of the details disclosed as the policy goes on - failing to do that can render it null and void.
Some younger drivers consider putting the car and insurance in a parents name with the parent as a fraudulent main driver and them as an occasional named driver to cut the premiums. This common scam is called "Fronting" and is an illegal act which can get parent and son/daughter into a lot of long lasting expensive troubles.
Most insurers offer a monthly payment scheme and most need about 15% up front to start the cover. the scheme is usually in the form of a loan and so interest is charged - this can be as much as 25% APR. This is usually at rate which is higher than most credit cards even charge so look at other ways to borrow the money to spread the cost if possible as it will be cheaper.
With a few minor differences these are the questions you will be asked before being given a quote. Not having supplied these details on Yahoo Answers, and who would, it is impossible to give a guess of a price for you to within even £1000 for a younger newly qualified driver.
Plan on something around £4,000 per year - even with a very small car, less than that is unusual for a new driver. Actual figures depend on lots of different factors, so use some of the comparison sites to see what sort of figures come up, and talk to a local insurance broker to see what they might know about.
"the policyholder (who must be the Main driver, and registered keeper) "
The policy holder does not have to be the registered keeper or the owner. Different insurance companies will accept different circumstances.
Ask an insurance company but it'll be in the ££thousands.
Somewhere between £1,000 and £10,000.
You need to get a proper insurance quote (or preferably lots of them) before you agree to buy any car.
Go on the comparison sites, contact a local broker, and read the advice on Martin Lewis's Money Saving Expert website.