Beginning to drive a car is a big milestone in the life of every young adult. However this step is often accompanied with hefty expenses as young new drivers are considered to be one of the most high risk groups.
Car insurance for young drivers can be incredibly expensive. This is because young people as a whole have a higher accident rate than drivers who are more experienced on the road. The higher number of accidents has to do with a combination of a lack of driving experience and a higher rate of distractions while on the road.
Unfortunately, car insurance is required by law, which means that you need to purchase it for a young driver regardless of how expensive it is. That doesn’t mean, however, that you have to spend a fortune on insurance. Instead, try using the following tips to save money on car insurance for teens or other young drivers:
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Getting better marks can help you get lower premium rates.
Ask about a good student discount. Many car insurance companies offer discounts to students who maintain a GPA above a certain level. Often referred to as a “good student discount”, this deduction in your overall monthly insurance costs can wind up saving a lot of money. If you or your child has good grades, it is worth talking to your insurance company about whether or not this type of discount is available.
- Take defensive driving classes. Some insurance companies offer discounts for drivers who take additional defensive driving classes. Contact your insurance agent to discuss whether or not there are any classes in your area that may qualify for a discount. Usually these classes are just a few hours long, but can provide a significant amount of savings on your overall insurance costs.
- Choose a conservative vehicle. Skip the flashy sports car in favor of a more conservative family sedan or mini van. These types of vehicles tend to be far less expensive to insure for drivers of all ages.
- Compare prices. Insurance quotes can vary significantly from one company to the next. Spend some time online getting quotes from multiple companies to find out which one comes in with the lowest price. Just be sure that you are comparing apples to apples in terms of the coverage that each company offers.
These tips for how to save money on car insurance for young drivers should help you get the best possible rate on insurance for yourself or your child. In some cases, the discounts that you receive can be significant. Because of that, it is well worth taking the time to do some research on how to get the lowest rate.
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