How Can I Reduce My Insurance Premium With Think?

When taking out a Black Box insurance policy with Think Insurance, you will probably be interested to know how to lower your Young Driver insurance premium further, in future. The main way to reduce your premium, is to drive safely, sensibly and obey the rules of the road, and at renewal time, you could earn yourself a bigger discount off your Telematics Insurance policy.

When your Black Box insurance policy is due for renewal we will take into consideration several factors when calculating what your new Young Driver insurance premium will be. This includes the usual things that any insurance company would consider for a standard Car insurance policy, such as:

• Your home address
• Vehicle usage
• Level of cover (e.g. Comprehensive)
• Named drivers

With a Telematics insurance policy there is additional information that the insurer now has access to which can help reduce the price of the premium, One of the main and most important things we look at is how you drive your car, which is reflected in your Driving Performance Score.

How good your performance score is can have a big effect on your insurance premium, so it’s essential to know how you can ensure that your score is as high as it can be. Things like driving at the correct speed are very important, as is how you brake and how you drive around corners. If you get these right, and are consistently driving well you should have a good Driving Performance Score. Another way you may be able to reduce your premium is by optimising the times of day you undertake your car journeys, avoiding high risk times of the day such as 3am trips, as this will impact your performance score. We aren’t saying you can’t drive at these times; just make sure you’re aware of the impact they can have on your score. 

However, a good Driving Performance Score isn’t the only way to bring down your insurance premium. You can, if you haven’t already, add experienced and clean-licenced named drivers onto your insurance policy too. If possible, keeping your car in a more secure location such as on a driveway or, even better, a locked garage can reduce your premium, as can upgrading your car’s security. 

Reducing the amount of miles you do can also help reduce your premium, but always make sure you have enough miles to see you to the policy end date, as here at Think Insurance you only buy the miles you need. Don’t forget though, the cost of buying additional miles will be dependent upon your driving score to-date and they can be more expensive than if you had added them on at the start of your policy. If you end up doing more miles than you said you would without notifying us and purchasing additional miles, then your policy can be cancelled, so it’s important to always know your mileage and your allowance. Also, never be tempted to lie when you first get a quote, and declare a lower mileage amount than you think you’ll need, just to get a cheaper quote. Remember, the box records the information and so we will find out as you get close to your limit and we’ll be calling you to purchase more miles! 

If you have any more questions or would like to speak to a member of our highly trained and specialised Young Driver insurance team, you can call us on 0800 221 8077.