Cheap car insurance for young drivers may not be easy to find since age, experience, and other risk factors often contribute to higher insurance costs for younger drivers. However, getting car insurance cheap for young drivers is still possible, thanks to student discounts and clean driving records, among other factors.
This guide will explain what affects average car insurance rates for teenage drivers, share ways to lower insurance rates, and explain how to find affordable car insurance for the youngest drivers.
Why Is Car Insurance More Expensive for Young Drivers?
Car insurance for teens is typically more expensive because inexperienced drivers are statistically more likely to get into accidents.
In fact, the fatal crash rate per mile for teens is nearly triple that for older drivers, and crashes among teen drivers resulted in about $40.7 billion in medical costs and lives lost in 2020 alone.
Because younger drivers are involved in more car accidents and make more insurance claims, insurance for teens is more expensive than it is for older, more experienced drivers.
Key Factors That Affect Insurance Rates for Young Drivers
In addition, there are several key factors that influence the lack of cheap car insurance quotes for young drivers, including:
Driving history: Newer drivers have less of an overall driving history to examine, and this history is more likely to include accidents.
Vehicle type: If your car does not have the latest safety features and anti-theft technology, you are more likely to pay more for your insurance policy. You might be surprised to see the list of the cheapest cars to insure.
Credit score: If you have a poor credit history or lack of credit history, you will probably see higher prices for auto insurance coverage.
Zip code: Where you live also influences the rates set by your insurance company. If you live in an urban area with more traffic, and therefore more traffic accidents, as well as higher rates of theft, you will pay more for car insurance.
Best Ways for Young Drivers To Get Cheaper Car Insurance
The best ways to find car insurance for young drivers cheap include the following tips:
Take a driver safety course: Not only will this class make you a better and safer driver, but you might also find more affordable car insurance after you successfully complete it.
Keep up your grades: Many insurance companies offer good student discounts for younger drivers who maintain a B or higher grade point average.
Add young drivers to just one car in the household: Even if your household has multiple vehicles, adding a teen to your least expensive family car will likely save you money when it comes to auto insurance premiums. When you add new drivers to multiple vehicles within the same household, your insurance premium will be based on what it costs to insure the teen for the most expensive car.
Taking Advantage of Discounts for Young Drivers
Taking advantage of any available discounts for young drivers is always a good idea for teen drivers and their families. Shopping around, comparing car insurance quotes, and bundling multiple insurance policies together can also lead to discounts for newer drivers. It never hurts to ask your insurance company what potential discounts they may have for young drivers who have clean driving records.
Should Young Drivers Stay on a Parent’s Policy?
Most experts recommend that young drivers stay on a parent's policy because standalone policies for younger drivers are generally quite expensive. You can compare standalone car insurance quotes to the cost of adding a young driver to your current auto insurance to determine the best option for your family.
Top Insurance Companies for Young Drivers
The top insurance for younger drivers can vary based on where you live, what kind of car you drive, and the type of insurance you sign up for. Some good teen driver insurance companies include Erie, Auto-Owners, USAA, Geico, and American Family.
As always, it pays to get multiple insurance quotes, compare car insurance offers, and check back regularly to determine if your insurance is the most affordable option available.
Get the Best Coverage for Young Drivers Today
To find the best cheap car insurance for young drivers, take the time to shop around and compare insurance quotes for both comprehensive coverage and collision coverage. You may also want to look into uninsured motorist insurance and personal injury protection for teen drivers on your policy.
EverQuote offers free custom insurance quotes that allow you to compare auto insurance offers side by side to find the best and most affordable features. Car insurance quotes change as often as daily, so take the time to do your research and find the best option for teen drivers.
Check out EverQuote today to find the most affordable coverage for young drivers.