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Teen Drivers and Car Insurance
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Because car insurance companies are trained in assessing and avoiding risks when taking on new customers, they can sometimes make it difficult for inexperienced student drivers to obtain a policy. They are also likely to penalize new motorists with higher rates.
However, informed young drivers can still save money on their coverage by shopping around, seeking out accident forgiveness, and driving safely. Here are the basics.
Obtain Insurance Through a Family Policy
If your parents are willing to add you to their automotive policy when you begin driving, you may be able to save a lot of money on your liability coverage. It is almost always cheaper to insure multiple drivers and vehicles on the same policy than it is to get insurance as an individual with one car.
Strike Out on Your Own
In the event that you must purchase your own policy, seek out a company that welcomes student drivers. Geico, Allstate and others are willing to work with young drivers and have policies that are friendly toward new and teen motorists.
Take a Driver’s Education Course
Not only will driver’s ed give you valuable time behind the wheel, but it can also give you tips and tricks for passing the on-road test to get your license and driving safely on the road. Beyond that, many automotive insurance companies reward students who pass an accredited driver’s education program with lower rates. Whether you are added to your family’s plan or paying privately on your own, as little as six hours of driving school can reduce your rates substantially.
Keep Up Those Grades
Young drivers can also keep their costs down by keeping their grades up. Insurance companies wager that a student who is responsible and reliable in school will also be responsible and reliable behind the wheel. That is why many companies give discounts for drivers who maintain a B average in class.
Enjoy Your Old Clunker
Of course you’re going to covet your buddy’s shiny new Mustang, but your grandma’s old Toyota is your best friend when it comes to keeping premiums low! In all seriousness, owning a safe and reliable vehicle can save you hundreds of dollars in insurance, whereas sports cars and other high-performance vehicles can cost you thousands. News cars, too, require higher levels of coverage -- like comprehensive and collision -- which do significantly drive up the cost of your policy. With all the money you save, you can give your thrifty baby a new paint job and some seat covers!
Look for Accident Forgiveness
Some insurance companies offer programs like “accident forgiveness,” which means that the first time you are found to be at-fault in an incident, your premiums will not go up. While you are, of course, not planning to have an accident, it will give you peace of mind to know that your rates will not increase if something does go wrong on the road.
Drive Safe
Unfortunately, no matter how safely you drive as a teen or student, your insurance costs are going to be high. This is especially true if you are male, since young male motorists are the segment of the population most likely to have car accidents. However, it is important to start immediately building your record as a safe and conscientious driver. The more years you drive without accidents, speeding tickets, and other claims on your insurance, the lower your rates will eventually be. Start preparing now for lower rates in the future!
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