When you are young, car insurance can be a very expensive proposition indeed. Insurance companies view young drivers as the highest risk class of drivers of all and the high premium prices reflect that fact. Therefore one of the biggest questions drivers under 25 need answered is if there is any way that they can save at least a little bit of money on their premiums.
The Reason for High Young Car Insurance Premiums
To many young drivers the fact that they are charged considerably more for their car insurance than most people seems very unfair. They are good drivers (they just passed their test after all) and they have seen some terrible drivers who are much older than them out there on the roads since they began driving.
However good, careful and sensible a young driver is though there is always going to be one thing going against them when it comes to car insurance – statistics.
Insurance companies put an awful lot of weight on statistics and they review them all the time to help them access risk. Unfortunately year after year these statistics show that young drivers are the worst risk of all, getting into more accidents than any other segment of the driving population and often within the first year of having a license. so while insurance companies are still more than happy to insure young drivers they feel they have to cover the extra risk by charging higher premiums.
Saving Money on Young Car Insurance by Choosing the Right Car
One piece of advice young people often hear is that if they want to lower their car insurance premiums they should drive a “sensible” vehicle. But what kind of car do the insurance companies consider to be a “sensible” car these days?
Before young drivers get too upset and imagine that they will have to spend their teenage years driving their mother’s mini van or a hand me down family saloon if they want to be able to afford car insurance they might be surprised to learn that some of the cars that come high up on the list of cheapest for any one to insure are actually rather “cool”.
One car that ranks very highly in the US is the Mini Cooper, mainly because it has a very high number of safety features (the more safety features a car has the lower anyone’s insurance is going to be) and has performed very well in crash testing performed by the insurance companies themselves. As the car is now produced by BMW though it is not the budget car it was when it first became the choice of car for a young person in the 1970s in Europe. It does however now boast BMW’s legendary engineering and reliability, something else the car insurance companies view favorably.
Other “sensible” cars that can help a young person get a lower insurance rate what are not too staid include the Honda Civic, the Kia Spectra and the Toyota Corolla.
Saving Money on Young Car Insurance with Education
Someone who has only recently passed their driving test may think that they do not need any more driver’s education at the moment but the insurance companies tend not to agree. Many of them will in fact grant a discount to a young driver who has taken additional driving safety courses. In the eyes of the insurance companies this shows a commitment to driving safety that goes some way to offsetting the statistics that apply to all young drivers. Such courses are quite easy to find, are relatively inexpensive and can usually be completed in no more than a day.