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Insurance
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Young
people are seen as a high risk for most general insurances.
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Life insurance is the exception - but you will only need
life Insurance if you have dependants.
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Car insurance can be extremely expensive. If you are lucky
enough to be able to buy a new car, some manufacturers offer free
car insurance for the first year - for a young driver this can mean
a big saving. Another option is to buy a cheap car for the first
year or so, and just cover it against third party fire and theft
while you build up a no-claims bonus. However, be wary that no claims
bonuses are applied to the car and not to the individual. However,
if you have built up a reasonable no-claims discount on a fire policy
you may stand a better chance of getting an introductory discount
if you change your car.
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It is illegal to insure your car under the name of your
parents, with you as the named driver. Restrict your insurance to
named driver only - you.
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Always take out travel insurance if you go abroad for a holiday.
It is much too risky to go away without insurance. If you like dangerous
activities on holiday - mountain climbing, skiing, paragliding etc,
make sure you are covered by your policy.
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