For younger people the cost of car insurance can be enough of a burden to prohibit them from driving. Plenty of teens and people in their early 20s find that the price of covering a car is often almost as much as the worth of the car itself.
To put things in perspective and to understand the cost, you have to know the figures. Statistics show that a 16 year old is around three times as likely to crash as a 19 year old. Even those of 19 are not safe and are around five times more likely to crash than those around 25.
However, there are some ways to help them to lower their rates and many are also mutually beneficial for safety and security reasons. This offers the double benefit of lower insurance and also a lower risk. So, how can young people reduce their premiums?
GPS Tracking
Whether, it is an official tracker from the insurance company or a small key ring fob, driving can be made safer with a GPS tracker. In the case of insurance, these are fitted to the car and will monitor the speed of the car and the speed limit in the area. If the limit is breached then the insurance company is notified. These usually work on a three strike rule and if this is broken insurance will rise substantially.
Advanced Courses
There are a number of recognised advanced courses by insurers and these have the benefit of cutting the cost of premiums. These courses teach young people and older ones too, the issues that can come about when driving, teach them how to deal with them and provide education about the driving process with the aim of making drivers better and safer. They also lower insurance and can be certainly worth taking to lower premiums and also for safety reasons.
Young Person Insurers
For every issue there is a solution and the world of specialist insurers aims to offer young people lower priced insurance. These companies provide lower rates to young drivers who meet certain specifics. However, it’s worth looking about to see which provide the best as there can be a significant disparity in prices.
The Car
Sometimes it’s worth cutting the engine size of your car for the lower insurance. Unfortunately, young drivers can’t have everything and high powered cars are generally off limits. That said, there are numerous cars that provide ample power and low insurance. Some cars are just given high ratings due to their ‘boy racer’ credentials, try and avoid these if you don’t want to have to pay through the nose.
Saving money on insurance can be done with some time, an open mind and some research and can be a great benefit to young people.
Cormac Reynolds works for firstvehicleleasing.co.uk a company that provides rentals in the UK and around the world
