Adding named drivers to your car insurance policy may cost you.
According to Fintech, adding named drivers may make your insurance up to 60% more expensive, as these drivers can have an impact on your no-claims bonus.
If a named driver has an accident, this could affect the no-claims bonus of the policyholder. A no-claims bonus built up for many years may be halved, or even wiped entirely. This in turn will affect any insurance policies that the policyholder may want to take out in the future. However, the named drivers would not have their future policy or no claims affected should they crash.
Speaking to Fintech, driver Emily said: "My partner, who was a named driver on my policy, crashed and wrote off my car in a faulty accident. Unfortunately, this meant I lost over half of my no-claims discount as it was reduced from 5 years to 2 years. Before this happened I hadn't realised my no-claims could be affected so much."
While insurance premiums continue to prove costly in Ireland, payments app Revolut's decision to enter the insurance market may push insurance brokers to offer more competitive rates.
