My 18yo son recently got his P's and my policy doesn't cover under 25yo drivers so I need to find a new insurer. I'm new to having a young driver in the family. How do I get them covered without being fleeced by an insurer?
I have a 2011 VW Passat market value $17k - $20k (it has low miles and is their top of the range model). My son would rarely drive, once every couple of months. The car is driven around 10,000 k's a year (or less). It lives on the street in an inner city suburb of Melb. I paid $850 this year for fully comp, market value, $800 excess. Being parked on the street I like the idea of getting market value if it was nicked. I'm rating 1, clean sheet, all that jazz.
Using the comparison sites I've dug into 8 or 10 insurers and there is always a catch:
If I add my son as a named driver my premiums go through the roof, $1800 is the cheapest I've found, that's quite a steep hike for someone who will drive my car 6 times a year.
Some insurers let you have unnamed under 25 drivers if you pay a hefty excess which I'm prepared to wear, however if the person resides at the same address they must be named or they are not covered.
A couple of insures do let me have an unnamed under 25 driver that does live with me, the premiums are fine at around $1000 and the excess is ok, but they don't do market value, only agreed which they drop right down to $11k. If I make the agreed value higher the premiums go through the roof.
Edit: All solved. Australia Post has cheapish insurance and covers unnamed under 25 drivers by charging $1600 excess if a claim is made.
Maybe your son should be driving more, get more practice in. Once every couple of months probably won't build up much driving instinct.