Get the Best Rates on Car Insurance for New Drivers
Most car insurance companies will stick it to new drivers with high rates. Fortunately, there are some things you can do to help lower your monthly premiums while maintaining excellent coverage.
Getting affordable car insurance for new drivers can be difficult. Car insurance companies generally charge higher premiums for new drivers or drivers who have been uninsured for an extended period of time. Luckily, there are a few things you can do to help prevent budget busting premiums for any new driver.
Raise Your Deductibles
You should raise your deductibles for comprehensive and collision coverage to at least $1,000. This will lower your premiums significantly and will prevent you from filing minor claims that could actually end up costing you more in the long run. It’s important to try to keep enough money to pay your deductible available in case someone were to get in an accident.
Drop Collision & Comprehensive Coverage
If the car you’re driving isn’t worth more than double your deductible, it doesn’t make much sense to have comprehensive or collision coverage at all. You will end up paying more for premiums in the long run than you will ever be able to get back from the insurer even in the event of an accident. You can easily find the value of your vehicle using the Kelly Blue Book retail value guide.
Drive a Safe Car
Car insurance companies provide better rates for safer vehicles. Sticking with a dependable, safe vehicle might not be as fun as driving a fast convertible, but it will save you a lot of money. You can check safety ratings for vehicles at the Insurance Institute for Highway Safety’s website.
Take Advantage of Discounts
If you are a new driver that’s still in high school you can cash in on significant discounts from car insurance providers simply by getting good grades. Most car insurance companies will require you maintain a B average or better to qualify for a discount. College students may also qualify for discounts but there may be requirements regarding the number of credits you are taking to qualify. You can also get a discount when you have a child that goes away to college. If they are more than 100 miles away and don’t have a car, you can lower your premiums significantly by contacting the insurance company and letting them know.
Always Shop Around
Like any other major decision in life, getting car insurance will require you to do your homework. You never know which company will provide the best rates for you depending on your particular situation and needs. It’s easy to get a quote online to find out how little you can pay monthly for car insurance. This is especially important when finding car insurance for new drivers. Some companies are more forgiving than others providing better rates for new drivers.
