If you were excited about the potential of getting your first car, only to find that you can’t afford the insurance, you’re not alone. Young car insurance buyers find that the monthly premiums are often more than the payment for the vehicle the policy insures.
Don’t get upset about this – there are good reasons for cost variations. Young drivers statistically have more accidents, making them a bigger risk to the insurance company. Even though you might be a responsible driver, the insurance companies use statistics to determine rates.
If you are a young male driver, you will pay the highest car insurance rates. Why? This is also a result of the statistics. Young men take more risks while driving and have a history of more accidents. While this may be good when going out for sports, it’s not good for insurance rates.
Experience driving helps the more seasoned driver when the car slides on a rainy or snowy highway. If you’ve only driven a year or two, you may not have already learned how to control the vehicle in a situation like this.
There are ways for young drivers to get lower insurance premiums. First, look for any discounts that you might have available. If you took driver’s education classes, some insurance companies offer a considerable discount for your effort.
Students that maintain good grades may be able to get a lower rate for young car insurance. Some companies offer a “good student” discount. This doesn’t mean you have to get straight A’s. Generally a B average qualifies you as a good student.
If your parents have insurance with a company, by all means, stay with that company for a multi-car discounted rate. Of course, you still have to be living at home to receive it. If you’re on your own and have other insurance, consider moving the products to one company for a multi-policy discount.
While the prospect of purchasing a more inexpensive car and carrying only liability insurance is not always appealing, it is one way to save money. If you have a loan on your vehicle, your lending institution demands full coverage on your car, so it’s not an option.
The best way to keep young insurance cost down is to shop rates. Many online sites will gives you quotes from several companies while entering information in only once. You will still pay more than a season driver, but not all companies are created equal when it comes to insurance rates. Find the best rates for the most coverage to get the best deal out of your insurance dollars.
Looking for a cheap car insurance rate? We also have vintage car insurance for classic car drivers.
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