According to the Insurance Institute for Highway Safety, young drivers are far more likely to speed, to cause accidents and to be involved in serious crashes than their older counterparts. The statistical rate at which young drivers are more dangerous tends to drop around age 25, so many auto insurance companies offer lower rates to those who are 25 and older. These lower rates continue until about age 65, when people enter another statistically risky group: senior drivers.
Is age the only factor in car insurance rates for young drivers?
Age is not the only factor which may increase young drivers’ rates. Gender also plays a role. Young males are statistically more likely than young females to be involved in accidents; consequently, their rates tend to be higher. “Statistically likely” does not mean that every young male is a bad driver. Statistics simply show the likelihood of a member of a group to have certain characteristics. Because many young males are involved in accidents, young drivers as a group are all categorized as higher-risk.
One of the factors which can contribute to this statistical reality is experience. Young male, by definition, lack the experience of older drivers in handling various situations on the road. They are far more likely to rear-end another driver, for example, by following too closely. Another factor is youth’s mentality. Young people have more energy and are more easily excited; they are more likely to speed and to be involved in risky behaviors than older drivers.
How can I find cheap car insurance for young drivers?
There are ways you can lower an individual young driver’s insurance rates however, and at the same time make the teen or youth a safer driver.
Insure young drivers on parents’ policies
The most expensive type of car insurance for a young male is that which he or she must purchase alone. If a teen or youth can be included on a parent’s insurance policy, premiums tend to be much less. Even college students away from home can often be insured by their parents. Check with your agent to find limitations on putting your child on your insurance.
Take advantage of discounts
Most auto insurance companies offer discounts for good grades, driver training and other factors. Talk to your agent about possible discounts you may be missing with your child’s insurance.
Choose your vehicle wisely
Handing the keys to a brand-new sports car to a teen may make him delirious with happiness, but it will certainly hit your wallet when insurance payment time comes. Auto insurance companies offer lower rates on vehicles which are not built for speed and offer more protection in the event of an accident, such as family sedans, than on higher-risk vehicles such as sports cars. Even very compact cars can carry higher rates because they offer less in the way of protection in the event of an accident, and more expensive vehicles, which cost more to fix, will have higher rates.
Check on discounts for safety features
Just like adults, teens and youths can take advantage of discounts offered for on-board safety features, such as anti-lock brakes, airbags, and car alarm systems.
Avoid speeding tickets and accidents
This seems redundant, but many people do not think beforehand of what the consequences will be to their insurance if they speed or engage in risky behavior. It may be that having a talk with your teen beforehand about these issues may help to prevent some problems. You should also remind your teen never to loan his or her car to anyone else; any incidents which affect your insurance, even if they are covered by your policy, can result in an increase in rates.