How can temporary car insurance cost you more money in the long run?

In the attempt to lower the expense of your car insurance, you could seriously consider taking out temporary insurance. In a description put forward by MoneyMagpie, this kind of insurance allows cover spanning anything from one to 28 days. It certainly seems to enable a pleasing degree of financial flexibility; if you drive your car more occasionally than regularly, couldn’t it save you a lot of money over time? Well, that would depend on your particular circumstances…

Reasons why you might consider temporary insurance

 

There are various possible circumstances in which you could have access to a car but not use it daily. Perhaps you are a student and only ever use your car when at home during the holidays. Alternatively, you might want to borrow a vehicle from a friend or relative for a short trip, such as visiting someone in a different town ten miles away, or a slightly longer time away. A weekend break or a party overseas with friends could fall into this category.

 

If it is in the United Kingdom that you want to drive, it’s vital to remember that going without insurance as you drive a vehicle on that country’s roads is illegal; you would be risking getting handed six penalty points, a hefty fine, and a ban on further driving. Not only that, but when you come to insure a new car in the future, or if you decide to change providers, it is very likely that you could see a surge in the insurance rates that are being offered to you. When this is the case, it can become a lot harder to find a suitable plan for your needs, unless of course, you look for the best car insurance for convicted drivers via insurance brokers like those at One Sure Insurance, thus giving you a better opportunity to find affordable plans.

Whilst this is definitely an option worth considering, making sure you adhere to their laws and regulations in the first place will reduce the risk of you facing points, expensive insurance plans, or worse.

Is temporary insurance really financially appealing enough?

 

How much you would pay for the insurance can depend on various factors – including your age, the kind of vehicle to be insured, and where you will drive that vehicle. Factors including these can lead to huge variations in the prices that different people pay; however, the UK-based insurance broker Call Wiser has cited short term cover’s daily cost, on average, as about 10.

 

It’s possible that, in your particular instance, the charge would be much bigger than this. If, for example, you are relatively young and inexperienced with driving, you will have to pay more. If, on the flipside, you are older and more experienced, this might not end up counting hugely in your favour if your history includes a high number of motoring convictions and claims.

 

The extent of the charge will also depend on your purpose for driving. Having the vehicle insured for taking on a work placement, for example, could incur much less expense than for driving it around the United States on a hectic trip. This is because the risk would be much lower. MoneyMagpie also makes the point that, if you are taking out cover for a vehicle you aren’t used to driving, as could easily be the case with short term cover, you are much likelier to make a claim. That, too, could drive up costs to the extent that a long term form of insurance would be preferable.

 

Why playing the long game could be better

 

Call Wiser points out that, on average, when a 12-month car insurance policy is taken out by one of its customers, the overall cost is 599.83. This means that the daily charge for the policy would only be about 1.50 – significantly lower than the previously cited 10 figure for temporary insurance.

 

Furthermore, once you have embarked on such a policy, you wouldn’t necessarily have to stick with it for the entire duration of the contract. Nasdaq notes the common possibility of cancelling that form of policy once it is no longer required. This is fortunate given how easily a cost-effective, year-long policy can be obtained through Call Wiser. Click that link to reach an informative page of this broker’s website and learn how you can move towards obtaining such an insurance policy yourself.