Learner Driver Insurance, introduced by the AA in partnership with Collingwood Insurance Services, is available online and costs a little over £3 per day for a 28-day, fully-comprehensive policy (total cost £96.50). For subsequent 28-day periods, the price drops to £76.50 (£2.73 per day) if introduced by an AA driving instructor.
Simon Douglas, director of AA Insurance and the AA Driving School, said: “It’s vital that young drivers gain as much experience as possible while learning, in addition to their formal driving lessons.
“But many parents are put off adding their youngster as a ‘named driver’ to their policy because the additional premium could run into several hundreds of pounds.
“As a result many learners have little opportunity to gain experience other than their hourly sessions in an instructor’s vehicle. They don’t build up the ‘driving hours’ that are important to gain both confidence and competence to drive safely once they have passed their test.”
This insurance comes at a time when the AA Driving School has launched a pioneering scheme to put parents, friends or relations back in the driving seat with an instructor, to help them develop skills for coaching learners.
Douglas said: “Family members are often out of step with the syllabus taught by a professional driving instructor and the Supporting Learner Drivers course will help to provide skills and confidence for those supervising a learner.
“Learners who build on their formal lessons by practising with family or friends have a better chance of passing their test and are likely to be safer behind the wheel. Learner Driver Insurance from the AA complements this new scheme by providing an affordable way to help this happen.”
New Learner Driver Insurance & Equity Release
What Is Equity Release?
Equity release is the use of financial arrangements that provide the owner of a house, or other property, with funds derived from the value of the property while enabling them to continue using it.
How Does Equity Release Work?
Equity release is aimed at homeowners aged 55 and over. It allows you to take some of the value of your home as cash.
Equity Release in life Insurance
Surrendering Your Life Insurance Policy for its Cash Value. When you surrender your life insurance policy, your equity is the amount you’ve paid into the cash value portion of your account plus accrued interest. However, your insurer may subtract funds for any loans or unpaid premiums on the policy.