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How Much Does Car Insurance Cost for Young Drivers: Ways to Save on Premiums

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Young driver car insurance
Learn some tips on how to save on young driver car insurance premiums and keep some of that money in your own pockets.

How much does car insurance cost for young drivers? This is a question that many parents and young people alike are looking to answer. The fact of the matter is, car insurance can be expensive for young drivers. This is especially true if you are considered a high-risk driver. However, there are ways to save on your premiums and make it more affordable.

In this blog post, we will discuss some of the best ways to save on car insurance for young drivers!

One of the best ways to save on car insurance for young drivers is by shopping with an independent insurance agency that has access to several insurance companies that rate well for the area in which you live. There are many different insurers out there and they all have different rates.

By using an independent agency to shop around for you getting multiple quotes, you can ensure that you are getting the best rate possible. Another great way to save on your premium is by taking advantage of discounts. Many insurers offer discounts for things like good grades, safe driving, and more. Be sure to ask your insurer about any discounts that you may be eligible for!

The average car insurance premium for a young driver nationally is $2600 if they take out their own policy in their own name, but usually much less if insured on their parent’s policy . Here are some ways to save on your premium:

  • Have an independent agency shop around and compare rates from different insurers.
  • Ask about discounts. Some insurers offer discounts for good students, drivers who take defensive driving courses, and more.
  • Increase your deductible. This is the amount you pay out of pocket before your insurance kicks in. A higher deductible means a lower premium.
  • Consider getting only liability coverage. This covers damage you cause to other people and property, but not your own vehicle. It’s typically the cheapest option for young drivers.
  • Drive an inexpensive or older car. Sports cars and luxury vehicles cost more to insure.
  • Stay claim-free. Your rates could increase if you make a claim on your insurance.

In our agency, we find that most parents of young drivers still living at home choose to add their child to their policy as it saves a lot of money as opposed to getting a single standalone policy in the child’s name. That being said, even on a parent’s policy, the cost can be quite significant.

Some parents who add their children to their own policy use this as a lesson of financial responsibility and have their child pay each month for their portion of the car insurance policy.

The previously mentioned are just a few of the best ways to save on car insurance for young drivers. If you are looking to save money on your premium, be sure to use these tips!

Thanks for reading! We hope this post was helpful in finding ways to save on your car insurance premium as a young driver.

If you have any questions regarding available auto, home and business insurance options, please contact us, we’re always glad to help.  The NY Insurance Hub serves Albany, Schenectady, Troy, Latham, Cohoes, Watervliet, Clifton Park, Saratoga Springs, surrounding Capital Region areas and all of New York State from NYC to Buffalo.

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