INSURANCE . RETIREMENT . INVESTMENTS
CAR INSURANCE TIPS FOR YOUNG DRIVERS
So you’ve just left school and you’re in the market for your first car. Or maybe you’re a parent with a freshly minted adult in your household hovering about putting the “pedal to the metal.” In either circumstance one thing’s for sure: those desired wheels cannot hit the road without car insurance. While our experience with car insurance changes with time, for young drivers (those between 17 and 25 years old) the scenario is both new and different. Here are few tips to consider when choosing auto insurance.
Your choice of car matters
Let’s start with the basics. Your choice of car will directly impact the cost of your insurance premium. As a general rule in the car insurance business, the more expensive/high spec/powerful the vehicle, the more costly your car insurance will be. So while a “souped up” car might do wonders for your street cred and attract more attention, it can wipe you out financially with your insurance taking a chunk of the cost. Bottom line: think carefully about the kind of car you desire.
As with any other activity that involves “value for money”, shopping around for the most appropriate car insurance is usually the best place to start. Going online or getting on the phone to get quotes from prospective provers can yield rich results. The more time you put in the more likely you are to get better coverage and a cheaper price.
Improve your driving skills
As a young driver the cost of car insurance is stacked against you from the start. One of the easiest ways to reduce the financial burden is by demonstrating a commitment to improving your driving skills. Signing up for such courses as defensive driving will not only help you become a safer driver, but can result in discounts from some insurance companies. The better you position yourself from a driving ability perspective, the better your chance of benefitting from reduced rates.
Choose the right plan
Young driver’s car insurance is known for being expensive and choosing the right plan can be tricky. That said, having the appropriate level of coverage can save young drivers a fortune. Third party, third party fire and theft, and full comprehensive coverage all vary in price and all cover different things. It’s therefore critical for young drivers to ensure they understand their policy in full so that there are no unpleasant surprises on the off chance an accident occurs. Equally as important is making sure you’re not paying for something you don’t need.
This is by no means an exhaustive list of considerations for young drivers new to the world of car insurance. That said, understanding some fundamental elements of all that is involved will go a long way to ensure safety and affordability for the next generation of drivers to hit the road.