Buying Young Car Insurance for New Drivers
Did you just buy your first vehicle, only to be met with shock at the cost of your car insurance? You’re not alone – young car insurance prices frequently shock new drivers. Often, the monthly premiums may exceed the payment being made on the vehicle that was just purchases.
Before you start shouting unfair, there’s a reason for the price difference. Statistically, young drivers have more accidents than older more seasoned drivers. You may be a very good driver but unfortunately, insurance companies go by statistics.
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.
Driving experience is essential when driving on extreme weather conditions. When the vehicle slides on a wet or snowy road, it takes experience to learn how to control the vehicle. New drivers frequently wreck more in extreme road conditions, even if they can handle a vehicle under normal conditions.
There are still ways to save on your insurance premiums, even though they won’t be a low as an experienced driver. There may be discounts on your policy that will lower rates. If you have completed a driving class, have a family member in the military or have other discounts available through a family’s employer, research the cost. Make sure you ask if discounts are available.
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.
Liability insurance only can be carried on a vehicle that no money is owed on. If you want to save money, look into purchasing an inexpensive car for cash, then getting bare bones insurance. Liability only means that the insurance company will only pay the other driver if you have a wreck – you won’t be able to repair your own vehicle through the insurance company.
When looking into insurance for your new car, remember the best way to get lower rates is to comparison shop. Going online streamlines the hassle of calling several companies. Many sites offer the option of entering information once, then getting multiple quotes. Once you have established a good driving history, your rates will go lower, but make sure you are getting the best deal on young car insurance now.
A cheap car insurance rate doesn’t mean you give up quality. Are you driving a classic car, then you probably need vintage car insurance.
