Why do Young Drivers pay more for Auto Insurance?
Posted by: info | March 30, 2007
Higher auto insurance rates are part of life for a young driver. Statistics show that young drivers, particularly under the age of 25, are more likely to speed, have accidents and lack experience. How much extra do you have to pay?
Young driver’s auto insurance rates will depend on a lot of factors such as age, credit (which lacks history in most cases, unfortunately), years as a licensed driver and driving history to name a few. So you can see why the rates for youngsters are higher than older drivers. What are other factors and how can can you get lower rates?
Another big factor will be the type of vehicle you drive. Cars known to have big power, be notorious for speeding and common for young drivers to have, make insurance rates go up even more. Factor in high insurance rates when you decide to splurge on a fast, high horse powered vehicle. Your auto insurance bill can run as high as your car payment, so keep this in mind. Consider driving a safer or more economical automobile to save money. This would be a great first car for most, and can keep you out of trouble. Savings tips ahead.
To save money as a young driver you should drive a safe car, keep continuous coverage, take a defensive driving course, avoid tickets, and get on your parent’s policy if possible. Sometimes you can cut your auto insurance in half by getting on your parent’s policy.
I know it may be hard on our youth to come up with the extra money for high auto insurance rates, but it is a fact of life. Be patient, drive safe and follow our tips and your time to save money will come faster than you think.
Tags: young drivers auto insurance, safe driving, under the age of 25 auto insurance rates, speeding, tickets, accidents, defensive driving course, licensed driver, driving history, economical car, parent’s policy
Posted in: Insurance, General |
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