Are you younger than the age 25 and/or have your driver’s licence for less than 2/3 years? Read this in order to establish what to be careful of when applying for vehicle insurance…
Insurance companies which issue vehicle insurance policies unfortunately view individuals under the age of 25 as a higher risk from an insurance perspective most likely due to these individuals usually being fulltime students and therefor having quite eventful lifestyles…… as well as individuals usually not having their driver’s licenses for a long period of time. Thus these individuals as mentioned above are viewed as higher risk so their premiums would be higher.
In this care an additional excess payment (co-payment) will apply to vehicle claims for individuals younger than 25 years and/or individuals who have their driver’s licenses for less than 2/3 years. Other additional excesses may apply in some instances.
The following terms and conditions differ amongst insurers:
Example; when a vehicle and/or windscreen/window claim occurs within 6 months of vehicle policy inception, and where the claimant/insured in such an event did not have motor/household/etc insurance for an uninterrupted period of 12 months prior to the issuing of the policy being claimed under – additional excesses might be applicable.
When a vehicle is driven by a person other than the person noted on the vehicle insurance policy as the main-/primary driver of the vehicle or the main-/primary driver’s spouse, or if a loss occurs while the vehicle is being used for any reasons other than in accordance with the class of use specified in the vehicle insurance policy – additional excesses might apply.
Additional excesses might also become applicable if a vehicle accident occurs between midnight and 05:00 in the morning. (This does not apply if a second vehicle is involved in the accident and damaged as well, or if a non-passenger is injured and a third party to the accident is identified).
However, it is important to note that some insurers can and will still apply the additional excesses, even if you are noted as the regular driver on the policy.