Many people have found a great way to dramatically drop the cost of their insurance, especially for young drivers. This is by getting their mum or dad to insure the car in their name and add them as a named driver, this will reduce your premium to a certain extent but the insurance brokers aren’t stupid. They know that your middle aged dad won’t be running around in a heavily modified car. Many companies treat applications with named drivers with more care to avoid this happening as it can be very costly to the broker.

If you do put yourself as a named driver then it does you absolutely no favours in the long run because the longer you stay on another persons insurance policy the more time you’re wasting not building up your own no claims bonuses. This will mean that when you come to take your own policy out you will be paying more then someone who started their own policy in the first place.

Another problem you may come across is in the event of an accident which you were to blame then the member whose policy you are on will lose their no claims because of it. Never accept to be the main driver for a friend or family as you could lose all you’ve worked for, not only that but your next premium will higher then the preceding years. If you were to have an accident then it becomes really tricky if you’re not the main policy holder as you have to be careful of everything you say as a lot of insurance companies catch people out during the claim process. You have to remember that the company you are paying for your insurance wont automatically be on you side because like any other company, their main aim is to make money so they will pick up on any incorrect details which will make your insurance void so they don’t have to pay out!

Saving those few extra pounds a month becomes irrelevant when you get the repair bill for your car that could be infinite depending on the severity of the crash. You could even be left with no car if it was written off if it wouldn’t be cost effective to repair it.