Car Insurance for Young Drivers
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UPDATED: Jul 14, 2021
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Where is the cheapest place to find car insurance for young drivers? Car insurance shopping can be a hassle at times but it need not be.
Young drivers are in a class of their own when it comes to providing for their car insurance needs. Their age, whether or not they are in college, and their employment status all play a role in determining their costs and coverage limits. Obtaining car insurance for young drivers is a job that could use some parental involvement, in the best interests of the young person.
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On a Parent’s Car, Insurance for Young Drivers May be Covered
It’s not uncommon for young drivers to get their licenses between the ages of 16 and 18. Kids of this age are most likely still in high school and possibly working a part-time job as well. Since these young drivers will be using their parent’s cars in most cases, the existing policies will probably cover them up to age 18 with no premium increase.
One possible exception might be an insurance company that requires a small, additional surcharge in order to provide car insurance for young drivers. When your child does turn 18 he will be required to pay a substantial premium in order to stay on your policy. Most states allow children to remain on parental policies until age 21, or as long as they are living at home and in college.
If you are a parent with a young driver, or a soon-to-be one, there’s no need to panic. A simple phone call to your insurance provider will get your child’s name added to your policy. When it’s time for him to strike out on his own, another phone call will get him removed.
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Car Insurance for Young Drivers Already on Their Own
If you’re a young driver, it’s important for you to understand that your age group (16-25) represents some of the highest risk for car insurance companies; males more so than females. For this reason, your rates will be considerably higher than what your parents pay. You need to be all the more careful when shopping for quotes.
If you’ve never lived away from home before, you may also be shocked at how much your own car insurance policy costs. Car insurance for young drivers can easily add up to $500 or more every six-month policy cycle. And that’s only as long as you keep a clean driving record. So it pays to behave behind the wheel.
Most major insurance companies offer monthly or bi-monthly payment options; some even go weekly. That helps a great deal if your income is on the lower side. Just make sure you don’t miss a payment, because lapsed insurance could mean a license suspension for 30 days or longer.
Reducing the Cost of Auto Insurance for Young Drivers
Parents of young drivers are instrumental in making sure their kids get gong on the right foot when it comes to driving. Safety is a big concern, which is why we try to teach our children to adopt and practice safe driving principles. But parents, did you know that those types of things can translate into lower car insurance premiums?
Insurance companies base rates on risk; we’ve already covered that. You can help reduce the risk your child poses in several ways. First, have him take a defensive driver course and Driver’s Ed at his local high school. Insurance providers love these courses and will reward your teen.
Next is a student discount for your kids who are doing well in high school or college. The reasoning here is that well performing students, especially those in college, are already acting in a more responsible way just to keep their grades up. If they are responsible with their education they are more likely to be responsible with their driving as well.
The last suggestion to help reduce the cost of car insurance for young drivers is to drive the least expensive car you can find. Young drivers tend to gravitate toward the high-end sport and luxury cars because they are status symbols. Yet they also are a higher risk to insurers.
There are several reasons for the higher risk, but regardless, car insurance companies weigh that risk along side the replacement cost of the expensive car. If there’s an accident, it will cost them more to deal with 2010 sports car than a 2001 used minivan. Your children may complain about the minivan, but that song and dance will end once they find out the cost difference.
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