Unfortunately, auto insurance rates for young drivers tend to be quite expensive – which can be difficult for those out there who simply can’t wait to get out on the road. Fortunately, there are quite a few things that budding motorists can do to reduce these costs and get a lower premium for their car’s coverage.
Why is car insurance more expensive for young drivers?
For those looking for insurance rates they can afford, it may seem odd that these costs are so high for younger individuals – since this is often the time when individuals struggle the most for money. However, when based on statistics of the road, it often makes far more sense.
In most cases, there’s a higher risk involved when insuring a younger driver – and because of this, insurance companies need to ensure that what they offer makes sense to cover the driver, the costs associated with the accident in question, and their own overheads. After all, statistics show that individuals under 25 are much more likely to be involved in vehicle collisions than older drivers.
Whether it’s a case of experience or driving responsibly, this fact is typically taken into consideration when calculating the overall cost of insurance, increasing premiums and cementing the need for a higher price-tag.
As well as this, new drivers don’t usually have a chance to build up a no claims bonus – and while you may have a reduced premium because of this bonus in the future, you’re likely to have to deal without it for now.
Even though all of this can make the chances of getting a low premium seem impossible for young drivers, there are often ways to reduce the costs.
How to get lower car insurance quotes for young drivers
What cars are the cheapest to insure?
If you haven’t already bought a car, you may want to consider taking a look at which vehicles tend to be the cheapest to insure. Often, an insurance company will put a car into an individual insurance group from 1 to 50, with 1 encompassing cheaper cars and 50 covering the most costly.
Often, they’ll take a number of things about the vehicle into consideration, such as:
- Any security features the car has
- The costs of the individual parts
- How long it will take to fix if broken and the costs of repairs
- The desirability of the car
- How secure the vehicle is (if it has security features like an alarm, or if you have a safe place to park your car)
By finding out what cars are the least expensive to insure and choosing one of those types of vehicles, you’re likely to save yourself quite a bit of cash on your premium.
Choose the most basic policy
While having liability insurance is often a necessity, some insurance policies may offer more coverage – for a higher price. While basic coverage isn’t likely to cover your needs in an accident if you were at fault, it will typically cover the other parties involved.
While this may not sound so great, adding the extra financial protection can generally mean more expensive premiums. This means that only going for what you need can be a good way to make sure that you pay as little as possible on your car’s insurance.
Choose black box insurance
For good drivers who want to get the lowest quotes possible, it may not be a bad idea to choose a black box policy. Also known as a telematics box, these devices are generally installed in your car to monitor how and when you drive.
Often, by checking how you drive (from your mileage, to the speed you tend to use), your insurer will have a better idea of how safe a driver you are – and in most cases, the more cautious you are when on the road, the lower your premiums are likely to be set.