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For new drivers, especially younger drivers, getting an appropriate car insurance is extremely important in avoiding unwarranted headaches in the future. And since young drivers are more likely to get into an accident, having a reliable car insurance that takes care of any car damages while making sure that premiums are low, is essential. However, the cost of adding a young, new driver onto an existing policy can be quite expensive, often coming up to be about $2,000 annually on average; and the reason for this is because new drivers tend to be more accident prone, with current research showing that those between the ages of 16 to 18 pose the most threat to road safety. Not to mention, picking the right car insurance from the wide range of insurance policies available can be intimidating.
However, it is no surprise that young drivers, especially student drivers who could potentially get their own insurance, save greater amounts of money by simply staying on their parent’s pre-existing insurance. So, if you’re looking to get insurance that is also good for a younger driving in the household, the following are few key things to look for in a good, inclusive car insurance and a few car insurances that have been seen to be perfect for young drivers and for saving hard earned money.
An insurance policy that offers accident forgiveness on the first accident can give you a peace of mind knowing that your rates won’t increase from your first accident. Needless to say, this is perfect for younger drivers who may just be starting to get the feel for the road.
Pricing and Discount?
Many insurance policies offer discounts for various things ranging from being a good student to being a good driver. Some companies offer discounts just for the safety equipment that is installed in your car. These discounts can be as high as 15%, definitely lessening the financial burden of having a good coverage car insurance policy. If you’re unsure if there are any discounts included, contact your insurance provider or look through their website. You may be surprised by the savings you can find!
How Extensive is the Coverage?
The most important aspect of any insurance, however, is how extensive the coverage is. Always make sure that your insurance policy covers at least the minimum liability coverage needed in your state, as well as the minimums for collision and comprehensive coverage. Once these base standards are satisfied, you can begin looking into extra features for your policy.
Best Car Insurance Currently Available for Younger Drivers
The following are a few popular car insurances that young drivers have been benefiting from:
- USAA: this insurance company offers up to 10% in discounts for students who earn good grades in select states. It also provides a discount for students who are attending a university that is 100 miles or greater away from home, and the student does not currently have access to a vehicle. Drivers who take a defensive driving course or a driving training course are also eligible for great discounts, perfect for any and all young drivers.
- State Farm: State Farm offers up to 15% in savings for good students, as well as discounts dependent upon completing safe driving training and going for at least 3 years with no at fault accidents. There are also discounts if the vehicle contains anti-theft devices and if the vehicle was manufactured in 1994 or after.
- Nationwide: like the two previously mentioned, Nationwide also offers a 10 to 15% discount for students, but also includes an overall plan for the entire household that can share the discounts. So not only is it good for a young driver, but everyone in the family can reap the benefits of this insurance. Nationwide also provides accident forgiveness on the first accident, along with an additional 10% discount if there is no accident within 5 years of having the plan.
Needless to say, each insurance company offers its own host of discounts and other extras that can make car insurance for your younger drivers much more affordable and extremely valuable.
Younger drivers should have good coverage. But good coverage doesn’t have to cost a fortune, as many insurance companies are offering substantial discounts for various reasons ranging from simply being a good student to having safe driving practices. Some insurance companies even extend the insurance for the same price to everyone in the family, saving many hard earned dollars. But money shouldn’t be the only thing to be focused on. Determining whether or not accident forgiveness is included, what is the minimum coverage on auto repairs, is there a rental car included if the main car needs to be out for repairs, and many more considerations should be taken before deciding on the an insurance policy for your young driver.