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Here are a few tips that can help you lower your car insurance rates, even if you are a young driver. Important fact; if you have a “clean driving” record and you’re under 25 years old, you can get a substantial discount.
This type of discount is more often referred to as a Safe driver discount by insurance companies.
For young drivers, their car insurance can be the most expensive part of owning a car – the monthly car payment maybe higher with a bad credit, but that is an issue for another time. For this article we will be laser focused on finding some Tips for new, or young drivers to save on car insurance.
Tip #1 maintain a clean driving record
For some baffling reason, the interior cabin space in today’s sedans and SUV’s have more distractions than ever before – Elon Musk is literally putting videos games in car dashes. Whatever ways you can find to stay focused on driving, please keep doing it, because having a clean driving record is paramount.
This “clean driving” discount, can lower your car insurance rates massively – according to Policy Genius from 5% to 25% – depending on the insurance company, of course.
Weirdly though if you’re over 25 years old, you will get a discount also but it will be far smaller. The Safe driver insurance discount is definitely great, it really incentives them to be safer drivers, which conversely leads to less claims for the insurance companies.
That’s a win win for everybody.
Tip # 2: Take the time to check as many insurance companies as you can for better rates
As the famous line from the Smokey Robinson song goes, …”my momma told me, you better shop around”. But, If you are nonchalant about saving money on your insurance or just take advice from friends, family (or heavens forbid, a tv commercial) – you will loose out.
You’d be pleasantly surprised by just how much car insurance rates differ from provider to provider (read Forbes magazine’s breakdown of rates by company). Just like some car brands, sometimes you are just buying the brand mystique primarily.
You can go to each individual insurance company’s website check their rates, but to save time, you can use insurance rates aggregators – these are apps or websites that search multiple companies at time for you.
There so many, but to name a few, rates.ca and ratehub.ca for Canadians or policygenius.com and insurify.com for American drivers. These websites and apps make their money from referring customers to home or auto insurance companies.
Tip #3: Install an anti-theft device
Another way to lower your car insurance rates is to equip your car with anti-theft devices. This can bring your rates down by as much as 12%. You should also make sure your car is properly maintained.
The insurance companies want you to keep your vehicle, especially over the life of the policy with them. If you to make a claim for a stolen car they’ll lose money in compensation to you. So, the policy provider giving you car insurance discount for a anti-theft device probably cost may them $100 a year, is cheaper than paying you thousands for a car replacement.
Tip #4: Buy a car with a higher safety rating
Buying a car with a high safety rating is win, win for all involved. Government mandates over the last five decades have made cars safer – more expensive too – but definitely safer. Because of Government stipulations all cars have a baseline safety rating, but, like anything in life you get what you pay for.
Think about it, things blind spot monitoring, lane change assist, radar-based cruise control or collision avoidance assist is not standard on all new sedans or SUVs. But these technological marvels helps you to be a more safer driver; whether or not some people believe this to be true.
Simply put, most car insurance providers will love for their potential customers to have the safest vehicles possible. This is because again, the less accident claims they have to deal with, the more of profits they can keep.
Say it with me discounts, for everybody.
Bonus tip
The place you choose to live will also have great impact on your car insurance policy. Because picking up and moving to a different state or province is a daunting task I am not truly including this car insurance saving tip it in this piece.
But, should you decide a move is in your future anytime soon, you should research the place you’re planning to go. This is because rates can vary by a lot, based on where you live. Read our article on, the 7 Most Expensive US States to Insure Your Car, for more info.
Conclusion
Getting anti-theft devices installed. Having a clean driving record, and finding a cheaper car insurance policy, will save you hundreds of dollars. Also, the only way to know for sure how much your insurance will cost is to get several quotes from different providers and compare rates.
The more proactive you are about saving money on car insurance policy, the greater your rewards. Times and technology have have changed in your favor, you don’t have to take insurance advice from family and friends only.
Do your own research.
