Getting your driving license at a young age can seem overwhelming. It is even more of a duty for a young star to buy a car and get it insured. If you’ve hit 18 years, have a driving license, and have got funds to buy a vehicle, then you are free to own one. However, for teens, just having the cash and license isn’t enough, as most states do not allow minors to own property on their own. Instead, they must do so under their parent or another trusted adult who will do the co-signing. The option of adding a young driver to the insurance policy of the family may be cheaper than just the young adult going on their own. While getting into the family insurance policy will help the young adults save, this is just one of the options available. By comparing insurance based on reviews, in sites such as Online US Reviews, millennials and young adults can get exposed to sites that will guide them correctly when it comes to automobile insurance. Insurance sites such as Lemonade are also worth giving a look. This article also gives some insightful tips that will guide young owners as they pic insurance for their car.
1. Get a used car in good condition.
The car that you drive has a huge impact on the rate you’ll get from your insurance. The key determining factors are the model, year, and make of your car. For brand new cars, they are a bit expensive to insure. Cars with high-performance rates and loads of horsepower are also costly to insure. This doesn’t imply that as a young adult or teen, you should get an old car. Instead, one should get a second-hand car in good condition. Insurance companies usually offer discounts for modern safety features, including airbags, stability control, and anti-lock brakes. The car that young owners should consider ideal if they are to save on insurance cost should be around three to four years old and in good working condition, and have as many safety features as possible.
2. Cut driving costs.
In simple words, drive safely. While this may seem obvious, in the contemporary age where there are increased car interruptions, it is worth mentioning. The more mindful you’ll be when driving, the more traffic violations and accidents you’ll avoid. This will, in turn, have an increase in your rates. Depending on one’s driving record, insurance companies offer safe driver discounts, which may range somewhere between 10 to 23%. Typically system’s to assess a driver’s record usually offer points based on driver violations. Drivers with higher points will be eligible for greater discounts.
3. Raise your deductible
Deductibles refer to the amount that one pays out of pocket when they file for a claim. Insurance companies usually bear the rest of the cost when one meets the deductible. Young car owners should always aim for high deductibles. This is because lower deductibles do attract high premiums; for a teen, for example, if you crank deductible of up to $1,000, you are taking a calculated risk. You are banking on the point that your teen will not get involved in an accident, and if they do, then a minor accident will be under your deductible, and thus there will be no bother of claiming it. On the alternative, if a really dangerous accident happens, it may cause such huge damages that the $1000 will only look like pocket change as compared to what the company covers. It is thus important to raise deductibles, have some thoughtful talks with your teen driver regarding safety.
4. Take a defensive driving course.
Insurance companies, at times, offer discounts to those who have gone through approved defensive driving courses. Drivers can also improve their driving license scores by taking defensive driving courses, making them eligible for insurance companies’ discounts. As a young car owner, always ensure you ask your insurance company or agent about such discounts. In countries like the US, each state has its own laws on accreditation of defensive driving courses. Young car owners must learn these rules, making sure that they take the courses that will have them save.
In conclusion, as a young owner, you may be puzzled about how you’ll have your car insured. Most countries have laws that make car insurance mandatory. Thus getting to know the right insurance tips to follow is very important. With the above tips, a young car owner can be assured of saving a huge amount of cash when getting insurance for their car.