Does anyone offer cheap auto insurance for young drivers?
Auto insurance companies see young drivers as high risk, but hidden discounts for good grades and driving classes can save you up to 40% on your next policy.
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UPDATED: Aug 28, 2020
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- Insurance companies use statistical information to determine premium rates
- According to statistics, new inexperienced drivers are involved in more accidents than older experienced drivers
- The best way for young drivers to get cheap insurance is to prove to the insurance company that they are responsible
The biggest obstacle for finding cheap auto insurance for young drivers is the fact that they lack driving experience.
Insurance companies use statistical information to determine premium rates and according to statistics, new inexperienced drivers are involved in more accidents than older experienced drivers.
It is found that young drivers tend to be more aggressive; they tend to weave through traffic, cut and practice other unsafe driving habits.
These facts alone put young drivers in a higher risk group, which drives premiums up. It is still possible to find cheaper insurance, even for young drivers, by comparing insurance rates.
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How Young Inexperienced Drivers Can Get Cheap Insurance
A large number of companies offer cheap insurance to young drivers, but the young drivers have to earn it. These insurance companies give the young drivers a number of options for proving that they can be responsible drivers.
By complying with the insurance company’s requirements, the young drivers can get insurance that is significantly cheaper.
The best way for young drivers to get cheap insurance is to prove to the insurance company that they are responsible. Just claiming that one will be responsible is not enough – it needs to be demonstrated. Some ways of doing this include:
- Maintaining a good grade point average – Many companies provide a GPA discount to students who show responsibility by maintaining good grades. Most companies require that the student maintains a GPA of a grade “B” or above. It is possible to get up to 25 percent off the monthly premium amount just by maintaining good grades.
- Non-primary discount – Another discount is given to young drivers who are not the primary drivers for a car. If a family has more than one car, then the young driver should be listed as a secondary driver on the older vehicle. This lowers premiums significantly, as compared to the young driver having their own vehicle.
- Multi-car discount – Insuring more than one car with a provider will earn the young driver in the family a lower insurance rate.
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Factors to Consider for Low-Cost Insurance
There are a number of other things that are taken into account by the insurance companies when determining the rate of insurance premiums for young drivers. While these are not really discounts, following these guidelines helps to reduce the cost of insurance.
- The age of the vehicle — Your car’s age is a factor most insurance companies take into account when calculating the cost of insurance. Safer vehicles lead to fewer injuries, hence less risk for the insurance company and lower the insurance rates.
- Extra driving courses — These precautions also carry merit with some insurance companies as they teach defensive driving, which produces safer drivers.
- The type of car — The make and model of a young driver’s car is one of the major factors influencing the rate of premiums. The rates for most commonly stolen cars and sports cars will always come with higher insurance costs. It is best to avoid these if one is wondering “where can I find cheap auto insurance?”
One of the best services a parent can provide their child is to sit down with them and talk about speeding tickets, DUI’s, and texting or talking on a cellphone while driving.
Eliminating these bad habits not only makes the young driver more responsible and leads to better insurance rates, but it will keep them and others on the road safe.
Unfortunately, in a recent survey carried out by an insurance company, it was found that 43 percent of the parents admitted they had not set good driving examples at least some of the times.
More than 50 percent of the young drivers surveyed said they had seen their parents using cell phones while driving.
More than five thousand people were killed on U.S. roadways due to distracted driving in 2009. Parents must ensure that their child does not become a statistic by setting good examples.
Comparing Auto Insurance Rates
The final step in ensuring that one gets the cheapest car insurance possible is to compare the prices offered by different insurance providers. Not all insurers quote the same price for similar policies.
Pay special attention to the compulsory excesses, which must be paid in case a claim is made. What looks like cheap car insurance on the surface may turn out to be the most expensive when claim time comes.
In addition, do not forget to compare like with like in policies from different providers. Two car insurance policies costing the same may not provide the same level of coverage or benefits.
Now that you know what to look for, compare auto insurance quotes now with our FREE comparison tool entering your zip code below!