While it may be tempting to name yourself as the main driver on your child’s car insurance policy to reduce their premiums, it is illegal and could cost you a lot more in the long run.
(PRWEB UK) 12 February 2013
One in ten parents would commit fraud to reduce the cost of their child’s car insurance premiums, reports The Telegraph.
A new survey by Go Compare, revealed that one in ten parents would go ahead with ‘fronting’ and insure their child’s car in their own name to reduce the insurance premium, when the actual main driver is higher risk because of their age or inexperience. Fronting is illegal and could invalidate the insurance and lead to a criminal record.
The average best premium for seventeen and eighteen year olds is more than £3,205 per year. Car insurance for new drivers, particularly young drivers is among the most expensive premiums for car insurance. One in five new drivers has crashed within six months of passing their test.
A spokesperson for Cost.co.uk said:
“While it may be tempting to name yourself as the main driver on your child’s car insurance policy to reduce their premiums, it is illegal and could cost you a lot more in the long run. It is much more effective to compare car insurance deals and find the best deal, there are even specific policies for young drivers, so do your research. You may even find it helpful to add an experienced and older family member as a second driver to reduce premiums.”
Based in Essex, Cost.co.uk is one of the UK’s leading price comparison sites. Allowing their online customers to seek out great deals and offers for travel insurance, car insurance, credit cards, holidays and more. Founded in 2012, the agency has a trusted reputation for sourcing the most ideal policies at affordable prices.