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Cheap Rates for Young Drivers 

It is common knowledge to motorists that it can be quite expensive to insure adolescent drivers. Insurance companies know this fact as well. However, it is entirely possible to find low rates on an insurance plan for your young adult. By obtaining a quote on your car insurance, you can view the rates of multiple insurance providers on the policy you are interested in. This simplifies and quickens the process of locating affordable car insurance, and it eliminates the need to for you to cold call various insurance companies for a quote. Due to a lack of tangible driving experience, the insurance rates for a young adult are automatically going to be higher than those of other motorists. There are insurance companies who offer low premiums to this particular market. Your job is simply to locate them.  

As with adults, an adolescent's insurance company will assign each of his or her characteristics a risk value. The sum of this risk value is then weighted against the national claims average of motorists who share similar traits. This will then determine what your car insurance premiums will be. While your child's friend may be offered a low rate by one company, there is no guarantee that this company will offer the same rate to your child. Your child's sex, location, driving history, coverage needs, and the type of vehicle to be insured will all affect the premiums you are charged.   

There are many discounts offered to motorists, including your young adult, that can be utilized in the quest of lowering car insurance rates. One of the most popular discounts is called "the good driver discount". This type of discount can often result in up to twenty percent being taken off of your premium costs. The only stipulation with most insurance companies is that the driver must have been insured for a minimum of three years. If your child starts driving around age sixteen, he or she will have this discount available to them around age nineteen. However, if your child has maintained exemplary grades in school, he or she can qualify for a good student discount at any time. 

You may want to consider carrying on the minimum amount of required insurance on any older vehicles on your policy. Deductibles tend to be higher when you maintain physical coverage to a car. You can also consider removing collision insurance from an older vehicle as well. Because the amount of money an insurance company is willing to pay towards a car is based upon the car's value, it is not always the most feasible financial decision to maintain this form of coverage.  Also, by paying the entire purchase price of your policy upfront, you can save money on the billing fees associated with monthly installment plans. The completion of a driver's education course by your child can also result in a lowering of your premiums. Your insurance agent will be able to provide you with further information about discounts your insurance company will have available for your use.

 

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