How to save on young driver car insurance
Just the thought of adding your young driver to your insurance portfolio might elicit groans of agony from the vicinity of your pocketbook. Young driver car insurance is typically in the same category as long-term dental appliances in terms of its impact on your finances. But you can take a few steps to reduce your young driver car insurance costs.
- Place your young driver car insurance policy in the same portfolio your other car insurance policies are in. Insuring all of your vehicles with the same company entitles you to a significant multi car insurance discount, up to around 20% or so.
- Incentivize your young driver to earn good grades in school. A good student discount is worth 15% off of the young driver car insurance premium. One way parents have successfully incentivized good grades is to stipulate that should their young driver not attain the required grade point average to receive the good student car insurance discount, their young driver will have to pay the policy premium difference.
- Provide a safe, inexpensive car for your young driver. Insurance rates depend to a large extent on the purchase price and repair costs of the make and model, so handing Junior the Ferrari keys might not be the best financial decision.
- Require your young driver to complete a driver’s safety course. The precise young driver policy discount will depend on your specific circumstances, but you don’t want to pass up this discount opportunity. Plus, your young driver will be significantly safer on the road.
- If possible and feasible, establish your car insurance policies with the same insurance company that insures your home and other property, and that provides your life insurance policy. A bundled coverage discount can save you up to 25% on your total bill.
- Don’t switch insurance companies frequently. Make a smart choice, and stick with it. Young driver car insurance companies typically offer a 5% to 15% premium discount for long-term loyalty (generally 3 to 5 years).
- Search your car insurance company’s list of supported affinity groups, and note which groups you might have interest in joining. You can save around 10% on your car insurance premiums by being a member of an interest group (the Elks, Veterans of Foreign Wars, Rotary clubs, Toastmasters, etc). Chances are, you already belong to one.
It can take just a bit of extra time, but receiving a discount on your young driver car insurance policy premium can save you loads of cash in the long run.
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