Multi vehicle policies where younger drivers can pay less in premiums when parents are willing to provide a higher excess

Multi vehicle policies where younger drivers can pay less in premiums when parents are willing to provide a higher excess

24 February 2015

The premiums on younger drivers have risen substantially over the years and in the first few years of driving, those aged between 17 and 25 find themselves paying premiums that start at several thousand pounds per year.

In some instances where affordability allows, parents may wish to consider a very popular new policy which we have created, which allows parents to accept some of the risk in the form of a higher excess that they will guarantee in exchange for a lower premium from the outset.

The higher excess usually settles around £2500 for all sections of the policy, including third-party, however as a consequence we can get the initial premium down from several thousands of pounds to a more manageable figure, starting at £950 (depending on the area and amount of use).

Whilst we will need to ascertain the parents’ ability to pay the higher excess in the event there is a claim, this has proven popular with certain parents who are happy to accept a portion of the risk themselves.  Especially so in instances where they feel there are mitigating circumstances regarding their son or daughter’s driving. This includes situations where the young driver is only driving for a limited period during and after their A-levels, or where they do not (or are not allowed!) to take their vehicle to university and as such it is left home for a prolonged period without being driven, or parents require cover for the children to drive vehicles for holiday periods when they may be working and need the car for commuting purposes, but there is little social, domestic and pleasure use.

The very best discounts can be achieved when there are more vehicles to add to the policy. Our family fleet / multi-vehicle policy is written on a named driver basis with each individual driver retaining their own bonus - which is unaffected by the behaviour of others on the policy. So rest assured your long-standing and hard-earned No Claims Discount will be kept separate to your children’s.  

Some families find that placing all vehicles together on one policy is the most convenient and cost-effective way, with it being only one renewal date, one premium and one policy number.

Clegg Gifford have been placing family fleet insurance for many decades and have a hugely flexible allowance to include lots of other vehicles including motorbikes, vans and commercial vehicles, collectable cars, horseboxes and agricultural vehicles as well as kick cars and other vehicles.

We can also include any authorised Driver policies, cover for staff at home and UK cars left at holiday homes abroad.

We pride ourselves on being able to provide a hugely flexible policy that could be tailored to your family's specific requirements.

For more information on this specific area please contact our lead family fleet underwriter at ian.jolly@cglloyds.co.uk or on 01708 729 500.