Can you get cheap insurance as a young driver?

Most insurance companies offer expensive insurance rates to young, new drivers. Statistics reveal that young drivers under 25 years pay the highest premium amounts compared to old experienced drivers. They also receive high insurance quotes based on the information they provide insurance companies.

Insurers take a risk on young drivers since they are more likely to cause accidents compared to experienced drivers. As a new driver, you may have to pay a high amount for your insurance. Cheap insurance for young drivers may be hard to find, but with research and the right the right strategies, you can get a reasonable policy.

How can you get cheap insurance for your car as a young driver?

Compare insurance quotes

It starts by comparing insurance policies. Go through insurance companies on online websites and request for quotes. Fill out all the necessary details including your age and compare the quotes that you receive from the companies. With a lot of options, you may get a cheap quote for your car insurance.

Insure a cheap car

In as much as you want to get the most expensive car in the market, the cost of insurance can be high considering your age. Insurance companies classify cars into different categories starting from 1-50. Cars under category 1 are cheap to insure while those under category 50 come with expensive insurance policies.

Insurance companies rate cars according to their speed, value, security features, and the cost of individual parts. As a young adult, you can get a good deal from choosing a cheap car that does not have high maintenance costs.

Pay for only what you need

From comparing different insurance costs, you can learn the different types of car insurance plans in the market. Understand your needs so that you don’t pay for things you don’t need. For instance, signing up for a third-party insurance policy only covers a third party if you cause an accident. With this policy, you don’t get compensation if your car gets stolen or damaged from the accident. Make sure you consider the level of coverage you require as you start your driving experience.

Include an experienced driver to your insurance policy

You can also lower the cost of insurance by adding an experienced driver to the insurance policy. The insurance company can be reassured that you will be driving under the supervision of an experienced driver thus reducing the risk of causing an accident.

Avoid settling monthly instalments

When you receive quotes from different companies, compare the price of paying instalments in an extended period as opposed to monthly settlements. As a young person, monthly instalments may strain you financially. Paying premiums over a prolonged duration can cost you less than monthly payments.

Consider black box insurance

You can monitor your driving by installing a telematics box in your car. This allows you to track your driving using an app installed on your phone. You can get cheap rates on insurance if you are a careful driver that sticks to the speed limits. The black box insurance policy is cheaper compared to the standard policy.