It is relatively difficult to source cheap car insurance for young drivers due to the fact that young, inexperienced drivers are perceived to be reckless when driving on public roads and highways. The lack of experience among young drivers contribute to their greater risk, thus they most commonly suffer from soaring high premium rates.
In addition, young drivers are more likely to file claims when compared to older drivers- those who are 25 years of age and older. The size of their claims is more expensive as younger drivers are more likely to suffer from major car damages and injuries too. Statistics also reveal the following facts which contribute to soaring high premiums:
• One in five drivers encounter a road accident or mishap during their first year of driving
• Drivers under the age of 21 are found to be ten times more likely to encounter an accident than drivers who are 25 years of age and older
• Young drivers within ages 17 and 21 suffer from a road accident within the first two years of passing their driving test
• An 18 year old driver is three times more likely to be involved in an accident or car crash when compared alongside experienced drivers in their 40s.
Although it is a major milestone for young drivers to pass their driving test and acquisition of license as this symbolizes a new level of independence for them, it is also a dilemma that needs to be solved so they can avoid eye-wateringly high insurance premiums. It is a relatively huge struggle to find cheap car insurance quotes and rates for young drivers. However there are still companies which offer competitive rates for teenage drivers. There are also tips on how teenage drivers and their parents can further reduce the monthly premium payments by following various tips provided by insurance experts.
Tips on how to reduce car insurance for young drivers
• Minimize your risk
In essence, insurance premiums are determined by three major factors:
• Insurance company
• Level of coverage
• Risk level
By making sure actuaries perceive you as a low-risk driver, you are guaranteed to get cheap car insurance quotes and rates. You will be able to reap big savings whether you are planning to buy car insurance for women or car insurance for young drivers in general. There are several ways on how you can reduce the amount of premium:
• Install security devices to your car
Any type of security system or safety device will reduce the amount of premium payments. Make sure to check with the DMV or insurance companies as to which devices and security systems they deem add added protection to your car.
• Drive and park with caution
Since you are relatively new to driving, you will need to take all the necessary safety precautions when driving as well as parking your car. Always park your car at a safe location, and not just your driveway. Parking your car in neighborhoods which are regarded to be unsafe exposes it to theft, damage, and vandalism. Speeding points will also increase your premiums at an all time high. You can avoid higher premiums if you consciously make an effort to take care of your car as well as your driving record too.
• Lower down mileage
Young drivers may also reduce their car insurance premiums by taking days off in driving. Cheaper insurance will automatically be awarded to you if you have less mileage on your car. Instead of taking your car to go to a nearby location, you may opt for public transportation instead? This will undoubtedly make your insurance premiums more affordable than people within the same age bracket who choose to take their cars wherever they go.
• Enroll in safety driving courses
There is a variety of driving courses which help young drivers to improve on their driving skills a few months after passing their drivers’ license examination. Local DMVs usually facilitate driving courses regularly and are priced affordably for teenage drivers. When insurance companies check your records and see the extra effort you put to safety driving, you will then be rewarded with up to 40% discount once you are ready to purchase a car insurance policy.
• Choose a Comprehensive Insurance that Meets All your Needs
Although the best way to get cheapest car insurance is to get minimum liability, this is not advisable for young drivers. Since it is already a fact that they get involved in more accidents on the road, it really pays for parents to help them obtain a wider coverage. Comprehensive and collision coverage will ensure that they will be protected in case the car is totaled or was a victim of theft and vandalism. By incorporating the tips mentioned earlier, you will still enjoy lower premiums despite the fact that you are obtaining a wide and more comprehensive policy.
• Add a responsible driver to your policy
Parents or older siblings can be asked to be included to your car insurance policy. Responsible drivers will further reduce your car insurance premium payments to an affordable rate.
• Compare in between insurance providers
As a young driver, learning about ways on how to compare auto insurance will go a long way. You need to compare between three or more insurance providers to choose the best deals that can be offered to a young driver like you.