Car insurance for young drivers is one of the most sensitive topics in the car industry and we often hear about exorbitant costs and insurmountable limits. The truth is quite different because, with tricks, it is possible to find affordable policies even for new drivers, taking advantage of the opportunities offered by the law and by insurance companies.
For some years, young people have been able to obtain a driving license for their car from the age of 17. The prerequisite is that you are always accompanied by an experienced driver in the first year. So you are not traveling alone.
From a statistical point of view, novice drivers who practice accompanied driving cause fewer accidents. After all, it is usually the parents who sit in the front passenger seat and take care of guiding the young driver.
This controlled driving pays off. In 2016, experts calculated the car insurance premium for three different scenarios in a random sample. In the first case, the novice driver uses his parents’ car. In the second, he uses his parents’ second car and in the third case, his own car. The result is that you will benefit from cheap car insurance if you opt for assisted driving.
It’s easier and cheaper if your parents insure your car as their second car and register you as the driver. Alternatively, the car can also be insured by grandparents or other family members. But parent insurance is usually the cheapest option.
Car insurance through parents has other advantages. These insurances generally have better actuarial values because they own real estate or do a certain job, for example. Suppliers often give additional discounts for this. The premium is lower than if the novice driver insured himself.
To benefit from cheap car insurance, many young drivers use the family bonus. It works like this: if one member (e.g. father) is already insured with a certain insurance company, a younger member of the family (e.g. daughter or son) can get cheap car insurance by joining the same insurance company. It’s a win-win choice: this way, the new insured can save a little and the insurance company gains a relatively loyal customer.
After all, the choice of car also has an impact on the amount of the insurance premium. Insurance companies classify vehicle models according to the annual damage report. The more damage a certain type of vehicle causes, the less favorable the classification and the higher the premium. The cars favored by young people therefore very often have an unfavorable ranking. If you want to reduce ancillary costs, you should look for vehicles with a good rating when buying a car. You may not be able to catch the eye of your buddies, but you will be lucky enough to pay a low insurance premium.