A study made by one car insurance company revealed that one in five young drivers will encounter a road accident before his first year of driving is over. With this information, some youngsters’ hope of getting the cheapest young driver insurance just took a nosedive. Though a young male driver’s chances of getting a low cost car insurance is nil at best, it doesn’t mean that there is nothing he can do to minimize costs. Young female drivers fare better. Just by being female, they can lower down premiums as much as 50% compared to males but knowing a few more tips to drive down costs even further is always a good thing.
Take into Consideration the Car You Drive
The first and the most obvious thing you have to consider is the car you drive. If it is expensive, flashy or has been modified, chances are, you’ll have to pay for much higher premiums. Avoid sports cars and SUVs if you can; these are the most expensive types to insure. A car with a modest sized engine is a better option and more so if it’s a few years old. Older and less expensive cars naturally require lesser costs to repair. Wait some time before deciding to acquire your dream sports car, maybe until you reach 30. By this time, your age will work to your advantage plus, your no claims bonus, hopefully will offset the value of your car enough to get reasonable car insurance premiums.
Get the Minimum Required Car Insurance
Comprehensive coverage is expectedly expensive as it covers a number of untoward incidents that might befall your car. A cheaper option is third party fire and theft car insurance but the cheapest young driver car insurance is for third party only coverage. Most often, this is the minimum requirement of most countries. However, if you have a more expensive car, getting a more expensive coverage might be more sensible. Of course, there are instances when the car insurance is more expensive than the car, so if you can’t get away from getting comprehensive coverage, the most you can do is to check out the best deals available to you by making a quote comparison.
Other Tips You May Find Useful
In most developed countries, young drivers can make up for their lack of experience by completing additional driving courses accredited by most insurance companies. If you compare the quote for a young driver with and without additional driving courses in the information they provide, you’ll be surprised at the amount that can be shaved off your insurance premiums because of this.
Other young drivers seek the help of an older relative to lower down insurance premiums. The addition of a more mature driver in the policy means that the car will be driven by someone who has more experience some of the time, thereby lessening risks. Having the young person as a named driver in an older driver’s policy means that the younger driver won’t have to pay for her own but this will significantly increase the older driver’s premiums. This will also disable the young driver from a no claims bonus which can very much reduce the cost of premiums later on.
At all costs, avoid what the car insurance industry insiders call fronting. This is a bid to lower down car premiums for young drivers by acquiring the insurance policy in the older person’s name and having the young person as a named driver when in fact, it is the young driver who drives the car most often. An illegal act, this is tantamount to insurance fraud and comes with very dire consequences for both the young driver and the older person he seeks out to his accomplice.
Being a young driver; it is expected that you will have to pay for higher insurance costs. Take it as your learning curve before car insurance companies deem you mature and experienced enough to be trusted on the roads. In the meantime, explore your options; look for the cheapest deals possible and keep that driving record as spotless as you can.