Do you have a teen driver in your home? You are painfully aware that young driver insurance can be expensive. Inexperienced, young drivers are statistically more likely to be involved in a collision. (Young male drivers are seen as the highest risk.) This means that the auto insurance carrier will require higher insurance premiums to compensate for the increased risk. If you are looking for savings in your household budget, taking care to save on young driver insurance could save $100 or more each and every month!
Add the Young Driver to an Existing Policy
Nearly every insurance company offers discounts for something. You need to make sure that you know exactly what discounts you and your teen driver may be qualified to receive. The amount of the discount, and the exact types of discounts, will be different from one company to the next, which is why it is a good idea to get multiple quotes. If a young driver is on the same insurance policy with parents who have a clean driving record and low rates, this will be less costly than a separate student driver policy.
Excellent Grades May Equal Low Insurance Rates
If you are a student who maintains a ‘B’ grade point average or better, most insurance companies will offer discounts on your car insurance. The logic here is simple and statistics prove the validity: young people who earn and maintain good grades tend to be more responsible and mature. Translation? Responsible and mature young people are usually not risk-takers when they get behind the wheel. Less risk means lower insurance rates.
Complete Driver Education Classes
You can expect to get lower rates with most companies for taking a certified driver education course. Be sure to indicate that you have done this and make sure that you can provide a certificate proving completion of the classses.
How Much Does the Young Driver Actually Drive?
Auto insurance companies will also offer lower rates to so-called ‘low mileage drivers’. The details will be different from one to the next, so be sure to investigate. Less driving means less risk. Less risk nearly always means a lower insurance rate.
Don’t Stop With Just One Quote
Never underestimate the importance of getting multiple quotes. Comparison shopping will reveal the best auto insurance rates for your unique situation. Since each individual insurance carrier uses slightly different criteria, the resulting premiums will vary, based on the driver and the individual circumstances.