Being one step away from a driving ban can mean cheaper car insurance costs than having zero no-claims discount according to new research by Vantage Leasing.
Insurance quotes were nearly 10% cheaper on average for a typical UK driver with nine points on their licence for speeding or other transgressions compared to a lack of no-claims discount.
Male and female drivers with six penalty points to their name were also cheaper to insure than motorists with one, two or three years’ no-claims bonus.
As well as analysing the impact of penalty points, no-claims discounts and other variables, the prestige vehicle leasing specialist found the ŠKODA Fabia to be Britain’s cheapest car to insure.
The research also dispels common misconceptions such as that parking in a locked garage is always cheaper than leaving the car on the road or driveway. Parking on the road was cheapest on average, costing nearly 10% less compared to leaving a vehicle in a locked garage; parking on the road was also fractionally cheaper than the driveway.
The sharp rise in thefts using ‘transmitter relay’ attacks targeting cars with keyless entry systems could be to blame for lower insurance quotes for cars which are parked on surrounding roads.
Vantage Leasing Managing Director, Rob Walker, said: “The research is eye-opening, dispelling common myths including that penalty points could spell disaster when it comes to insurance costs. We also see how the latest trends in car crime such as keyless theft can impact how insurers view risk – hence why parking on the road at night is often cheaper.
“While the research shows what a typical male or female driver can expect, it doesn’t cover every eventuality, and some may find their circumstances produce different results. It does, however, provide some intriguing insights into the ever-evolving nature of vehicle insurance.”
A driver’s occupation can impact insurance quotes, with the ‘riskiest’ jobs coming in around 20% more expensive than those considered safer. Computer programmers are among the cheapest to insure; whereas catering staff are deemed to be among the riskiest.
Perhaps unsurprisingly, a typical young driver is impacted more by driving convictions than an older driver, and their occupation can see quotes vary by as much as 30%. A typical 21-year-old sales executive could pay over £350 more than a young book-keeper.