It can be quite a monumental task to find cheap insurance coverage for young drivers. The reason for this is that, according to statistics, young drivers under 25 (Read: “Car Insurance for Under 25” for additional information) are often involved in more accidents than people of other age groups. Thus, insurance companies charge more for young drivers, often as much as hundreds of dollars per month more than they charge for older drivers. However, it is possible to bring this large amount of money down some and save a little each month.
Who Provides Cheap Car Insurance for Young Drivers?
First of all, insurance companies, like any other businesses, strive to get and maintain clientele. They realize that one day young drivers will become adult, experienced drivers. Thus, if they make these young drivers happy early on, the youngsters just may stay with them after they become adults. In an effort to make young drivers happy, many insurance providers offer various discounts to attract them to their businesses.
Looking for insurance providers that offer these discounts to young drivers is as easy as opening up the internet. Most insurance companies maintain websites that provide valuable information to consumers. It is always a smart idea, when shopping for insurance, to compare the rates, discounts and terms of several before choosing one. All companies are different and may offer different rates, terms and discounts.
To Get The Cheapest Car Insurance for Young Drivers, Apply for Discounts
Many providers will offer discounts to those young drivers who are also students or college graduates. However, students must maintain excellent grades to qualify for these discounts. Young drivers may also qualify for a discount if they equip their cars with electronic mechanisms that can monitor how they drive. Finally, if young people take driver’s safety classes, or if they are only occasional drivers, they may also qualify for certain discounts.
Other than discounts, there are a few other ways to save a little money on insurance for young drivers, as well. Rather than insuring young drivers to newer vehicles, it is a smart idea to insure them to older vehicles at first. New vehicles require full coverage, which can be extremely expensive, especially in the case of young drivers. Older vehicles, on the other hand, only require liability, which is much cheaper than full coverage.
It is also best for parents to list their young drivers as secondary casual drivers, with the parents as the primary policyholders and owners of the vehicle. When young drivers are the primary drivers of vehicles, their insurance rates are extremely high. Finally, it is essential that young drivers maintain an excellent driving record. When they keep perfect driving records, the insurance providers will often review them annually and reward them by reducing their rates. Anytime you are dealing with young drivers on a policy, you need to be aware who is listed as the primary policyholder and how that can affect your monthly rates.
Keeping Insurance Premiums to a Minimum as a Young Driver
In conclusion, it can be tremendously exciting for young people when they get their first driver’s licenses. However, finding cheap insurance for young drivers can be a tremendously difficult task. There are a few ways that these drivers can save some money on their premiums, in any case. Taking advantage of the various discounts that insurance providers may offer, and utilizing the tips stated above will help you keep the premiums to a minimum. Realize that if you work hard for discounts and find a company that is willing to provide you with an adequate policy, you can certainly end up saving a lot of money even in spite of your young age.