This is the best way to lower your insurance rates, but it’s mainly for young drivers. Insurance companies evaluate you on the risk that you pose to other drivers or in causing collisions. You can tell an insurance company that you only drive a powerful car once a week if you have insurance on it. However, this will not reflect in the cost of your insurance if you had to insure the vehicle for more than one day per week.
The theory goes on to say that you cannot afford insurance for just one day per week. Your car must be covered for the entire time. Legally, your car can’t be kept in a garage or driveway. If it is on the road and involved in an accident, you won’t be covered. Let’s go back to the original idea. Someone else should have insurance on the car the 6 other days you are ‘not’ using it. The person who is responsible for the car should have a good driving record and be experienced in motoring. A driver who is approaching 50 years old without having made any claims in their long motoring career would be the best. When filling out a quote, this person should be named as the principal driver. Named driver should be you – The main driver must be the one who uses the car most technically. However, I will explain why this is not a problem for insurance premiums.
Insurance companies don’t have to be blind to this idea. There are thousands of people who do it every day without problems. But you can’t expect them to assume that everything is normal when a 50-year-old suddenly gets insurance for a 1.3 hatchback, when he already has insurance for Range Rover. Insurance companies cannot prove or disprove that you are not following the terms of your policy. They will ask you when you plan to use the car, and what the usage of each individual covered by the policy. You can answer this honestly. However, if you are the named driver, you will need to include in your quote a statement that you’ll be driving the car late at night and weekends.
If anything does go wrong (e.g. Insurance companies will try to prove that your insurance policy is void in the event of an accident. They don’t want you to pay, but if they can prove that you broke the agreement they won’t have any to pay. If you answer truthfully, they won’t be able prove that you used the car. You might say that you use the car only on weekends, but the main driver uses it for work 5 days a weeks. If this is true, the insurance company won’t be able prove it. The reason being that the times you specify when you will use the vehicle are only approximates and not exact times. There are policies that are more affordable for younger drivers who drive only during off-peak times.
You should always read every word in a contract when you sign up for a policy with insurance companies. It could lead to serious problems when you attempt to navigate the system. You can avoid having an accident if you use this method.
