“Good car insurance can often be quite expensive for young people (under 25), for those who are not yet fully licensed (still on P plates), if you have been licenced for less than 2 years or don’t have a clean driving history for the last 3-5 years. Each of these things can add to the price of your insurance premium.
As a young driver myself, I personally know how expensive this insurance can be and it is unfortunate, but due to the amount of claims from other ‘young drivers’ insurance companies often see us young folk as a bigger risk and hence this is where the expense comes from. We all know that when we have an accident, having insurance and being paid out is a life saver.
I have just brought a new car, a top of the range 2011 Hyundai Elantra and needed my insurance sorted before picking it up. As I would do for any of our clients, I ran a number of quotes using my own details with all the insurers & underwriters we as Insurance Brokers would normally quote with, mostly aiming at the insurers who allow monthly payments at no extra cost. I then thought I would also give Berkshire Hathaway a go. Berkshire Hathaway are a new insurance provider available exclusively to Insurance Brokers who are members of the Steadfast Group so I knew straight away that the quality of cover they would provide would be worthy should I ever need to make a claim, (touch wood I wont need to) and that they would be easy and straight forward to deal with. As professional Insurance Brokers we only deal with insurers and underwriters that provide quality products AND we manage all our clients claims in house. Berkshire Hathaway also allow you to choose what excess you want to take, so I opted for what they consider a higher excess (which was actually the exact same as most other companies basic excess of $600) and the quote came back hundreds of dollars cheaper! Better yet, the only other excesses involved were for an ‘undeclared young driver’ and ‘undeclared inexperienced driver’. Most other insurers charge a basic excess as well as an age excess and if you have had your licence less than 2 years, even if you are listed on the policy!
For my situation, it worked out to be less than $15 a week and although at the moment they don’t do direct debit, they are working on this and by using a premium funding solution it was still cheaper to proceed with them and have the benefit of a monthly payment.
Yes, being an experienced broker pays off! It’s always important to look around for these things but its also great to know I don’t just have insurance I have GREAT insurance - having a broker look around for you can make your life much easier. “