I’ll never forget the day I received my driver’s licence at the tender age of 16. To my parents, it was just a teen rite of passage but to me, it marked an entry into the ranks of adulthood. You would have thought that I had been given a pair of wings instead of occasional access to my father’s Chevrolet.
However, the euphoria wore off the moment I was listed as a driver on my father’s insurance policy, sending his premiums skyrocketing right through our tiled roofing.
I wish I knew then what I know now. And so, in an effort to prevent or reduce the effects of shellshock in young, first-time drivers looking for insurance, here are some tips to consider:
- Consider a higher deductible(the amount you pay in the event of an insurance claim) to lower your premium – but make sure it’s one you can afford to pay if you’re involved in a collision.
- Go to driving school.Some insurers may offer a discount if you’ve completed a certified driver’s education course approved by your Ministry of Transportation.
- When it comes to insurance, the car you drive matters. Some models like four-door sedans are less popular with thieves. A car with a lower cost insurance rating will help keep your premium affordable.
- On the honour roll? Don’t keep it to yourself – tell insurers about it! You may be eligible for a reduced premium if you maintain a certain average and provide transcripts as evidence.
- Put safety first. A car with approved safety features like anti-lock brakes, air bags, a tracking system or car alarm is less likely to be stolen or involved in a collision – this means a lower premium.
- Piggyback onto your parents’ insurance policy as an occasional driver if you don’t plan on driving that often. A young, occasional driver will pay a lower premium than a young principal driver. Even if you’re buying your own car, get a quote from your parents’ insurer first – discounts may be given for having more than once car on the same policy.
Most importantly, the best way to low premiums is to drive carefully to stay collision and conviction-free.
Source: By Maria Miceli