An Insight into 8 Things Young Drivers Can Do To Lower Their Insurance Cost
Car insurance premiums are often pretty high for young drivers since they have a higher chance of having an accident. In such situation, what you will have to do is check online insurance quotes
since rates vary from one insurance company to another to be sure you are getting the lowest rate. Let us look at few of the other things you should do to bring down the rates.
How Young Drivers can Reduce Car Insurance Premiums
Before looking for online insurance quotes
few of the things young drivers can do to lower their insurance premiums include:
- Take steps to get the G license as early as possible. The likelihood of getting more discounts will increase if you are able to complete the graduated licensing system rather quickly. Moreover, discounts are available at every stage of the graduated licensing system. Like, when you move from G1 to G2 and afterward when you move from G2 to G. By moving quickly through these stages you will be able to take advantage of available discount programs.
- The chances of getting a discount will also increase when you are able to finish a Ministry-approved course on driver education. After completing the course you will have to get the report (Driver's License History Report) from concerned government authority to prove that you have finished the course. You can also visit the MTO site to check names of few of the course providers who are on ministry approved list.
- Another thing you can do is combine insurance coverage. For instance, you can combine auto insurance with home insurance. Many insurance companies will be ready to offer a low insurance rate when you bundle different insurance coverage together.
- You may well drive an older car since insurance rates are usually lower for older models.
- Avoid modifying your car in any way that affects the performance of the engine, wheels or the bodywork may result in increased insurance rate. Such modifications can also affect the performance of the car in a manner that insurance policy becomes void in case of an accident.
- Try to build up good driver history. If there are no claims over a period of time then you will be rewarded and expect to see your insurance premiums go down.
- Select a car judiciously since insurance rate would vary according to the car your purchase. Few of the things to keep note of would include:
- Avoid buying cars with high horsepower.
- Shop for heavier and bigger car which are usually considered safer.
- Ensure that the car you purchase has electronic stability control as one of its features.
- Search for cars that have the highest safety rating.
- You can also pay a voluntary excess to bring down the insurance premium amount. However, you need to keep note of the fact that after crossing a specific level of excess, it will not help in bringing down the rate.
Moreover, you need to be sure that it will be possible for you to pay the excess amount on regular basis.
To conclude we will say that there are many options open for young drivers to bring down insurance rates and they should utilize these options to avail the best possible rate.