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Can No Deposit Insurance for Young Drivers Be the Solution to Your Problems?

If you're a young driver, you may have run into many problems trying to purchase affordable motor insurance cover. By now, it may even seem to you that there is no such thing as affordable car insurance. Unfortunately, insurers determine your annual premiums based on the risks associated with your age and other insurance group factors. Since statistical data all reflect that your age group is the most likely to have road traffic accidents, you must pay a higher price for the privilege of driving on public roads. However, No Deposit Insurance for Young Drivers might be the solution to your problems.

Traditionally, everyone had to pay for annual premiums in one lump sum, up front, including young drivers. Owing to the high cost of cover, many young and new drivers simply couldn't afford to buy insurance. This lack of insurance kept them from legally driving on public roads, so the purpose of getting a drivers' licence was defeated. Fortunately, some insurance companies recognized this problem and designed a policy which would help make the annual premium easier to pay. This type of policy became known as No Deposit Insurance.

No Deposit Insurance policies are designed so that the annual premiums can be spread out into 12 instalments. These instalments may be paid with a bank debit card, a credit card, or set up as an auto debit bill payment. There is no upfront deposit required apart from the first month's payment and you get basically the same cover you would get from standard yearly policies that are based on the same services and risk factors. The monthly instalments make the highly inflated young driver car insurance rates a bit easier to pay, especially for those with a limited or sporadic income.

Although No Deposit Insurance seems more affordable for young drivers, it costs on an average rather more than the same lump sum standard policy. However, it's still better to pay the higher cost of No Deposit Insurance than to illegally drive without any proper insurance cover. If you can't afford the annual lump sum premium payment, you most certainly can't afford to pay for any damages, injuries, or deaths you may have caused due to your inexperience as a driver. You also couldn't afford the fines or other penalties for driving without the required minimum third party liability cover. The statistics show that the average inexperienced driver will have a high risk of motoring related accident within the first six months of driving.


Fortunately, there are ways to reduce the cost of No Deposit Insurance for Young Drivers. You have to be willing to submit to strict eligibility rules, such as attending defensive driving lessons. You may also be required to have at least six months of regular driving experience, and be without any driving offences on your record.

Comparison Shopping

Another good way to lower your No Deposit Insurance premiums is to do some in-depth comparison shopping. This is made easy to do by visiting insurance comparison sites on the internet. These types of sites allow you to obtain information and quotes from several insurers with minimum effort on your part. You simply fill out the brief form as accurately as you can, and submit it. Then various insurance companies will contact you to present their offers. Numerous reputable insurance companies also have web sites available. They also provide information and quotes online, and have insurance specialists available to answer your questions. Many insurers now offer discounts just for purchasing your cover online. So it's well-worth the effort to do some online comparison shopping.

There are other types of insurance schemes available which may seem to offer better deals. Purchasing standard yearly cover is the best way to be properly insured. However, No Deposit Insurance for Young Drivers can be the best solution to your problems if you're on a limited income.

 

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