Young Drivers Insurance Premiums

2007-03-08 10:33:40

( Insurance )



The purchase of car insurance policies regardless of the age of the policyholder can cost you a lot of money. Young people, especially teenagers pose a higher accident risk, and therefore cost more in terms of premium payments. Premiums can be made lower under certain situations:

Although adding a young person as a driver to a family car insurance policy will cause you to pay a higher premium, it is still cheaper than having to purchase an independent young drivers insurance. Paying for the premium annually than in monthly installments will also help lower the cost of young drivers insurance.

If you are about to purchase a vehicle for your young driver, vehicle selection is the key to bringing down the cost of insurance for young people. It costs more to insure a sports car than other car types: it may be a good idea to ask your insurance agent what types of cars have high insurance premiums.

Reduce the times you use the vehicle, so that you also reduce the mileage: the lower the mileage on your car, the lower the annual premiums.

Receiving traffic tickets help in the increase the cost of premiums for young drivers insurance. If your young driver keeps a good driving record throughout the years, the cost of their annual premiums can also decrease.

Tell your young driver to avoid installing any additional car accessories, as this can cause the premiums of your young drivers insurance to increase; however, installation of safety or anti theft devices to keep your car secure is an exception. You must also park the vehicle in a safe place to prevent the vehicle from being stolen or damaged.

Increase the deductible or voluntary excess in your policy so that your young car insurance premium can be made lower. Deductible is the amount of money that is subtracted from the insurance claim before an insurance company can release your claim. It is somewhat like getting your wages, and having your taxes deducted from it prior to receiving your pay each month

You should be honest about the age of your young driver, as any fraud will cause the policy to be cancelled, and may result in a criminal offense and record

It is better to look for quotes for insurance for young people online as insurance companies tend to offer higher discounts here than if you call to inquire.


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