It may make each vehicle cheaper to insure, but your entire policy will likely be more expensive with two or more vehicles. Buying an additional car just to get the multi-car discount is not an effective way to lower your car insurance premium. Most companies offer discounts for full-time high school and college students who maintain a certain GPA or letter grade average. These discounts may save you hundreds of dollars per year. Many companies offer discounts to students who have taken a driver education class or an approved driver training course.
Most courses go over the rules of the road and teach young drivers to drive defensively. Usage-based rating is a relatively new way to reduce your auto insurance rate, but many national and regional insurers are offering these types of discounts. Carriers that offer these telematics programs require policyholders to use a mobile app or plugin device which monitors driving habits such as acceleration, braking, speed and trip distance each time they drive.
Drivers who maintain good driving habits may earn substantial discounts. Many auto insurers offer discounts for students who attend school away from home if they do not take a vehicle with them. During the school term, many students may be able to save on auto insurance by using a distant student discount. It is typically less expensive to add a young driver to your existing auto insurance policy rather than purchasing a standalone policy for them. In addition, your teen will be unable to hold their own auto insurance policy until they turn There are a lot of factors that go into the price of insurance for various car models, including the value of the vehicle, the statistical likelihood that it will be in an accident and the cost of repairs.
Generally, an older vehicle is going to be cheaper to insure with a teen driver than a newer vehicle. If you feel comfortable insuring a vehicle with liability only rather than full coverage, meaning that the insurer will not cover damage to the vehicle, that can help keep your auto insurance cost lower. The best discount for your teen is whichever one applies to them. For instance, if your teen is a safe driver, they may benefit from enrolling in a telematics program that tracks their driving in real time.
If they are away at college, they may want to benefit from a distant student deal. Quoted rates are based on year-old through year-old male and female drivers with a clean driving record, good credit and the following full coverage limits:.
Our base profile drivers own a Toyota Camry, commute five days a week and drive 12, miles annually. Age: Rates were calculated by evaluating our base profile with the ages base: 40 years applied. Depending on age, drivers may be a renter or homeowner. Hawaii rates indicate age is not a contributing factor.
How We Make Money. Lizzie Nealon. Written by. Lizzie Nealon is an insurance writer for Bankrate. Her favorite part of the job is making home, auto and life insurance digestible for readers so they can prepare for the future. Edited By Morgan Chelsea Lanier. Edited by. Morgan Chelsea Lanier. Morgan Chelsea Lanier has been an insurance editor for Bankrate since Using her eight years of experience in market research and data analysis, she works hard to understand ….
Reviewed By Mark Friedlander. Reviewed by. Mark Friedlander. Director of corporate communications, Insurance Information Institute. Mark Friedlander is director of corporate communications at III, a nonprofit organization focused on providing consumers with a better understanding of insurance.
Share this page. Bankrate Logo Why you can trust Bankrate. We guide you throughout your search and help you understand your coverage options. Read more: Best car rental companies in Geico manages to knock it out of the park as an auto insurance company, offering both the best and most reasonably priced premiums and insurance coverage of any major company. The company is already No. Leave it to Geico to offer affordable car insurance that makes things straightforward and simple, no matter the task.
Geico's individual policy rates vary on a state-by-state basis, but it's routinely ranked among the cheapest options in any state. Further, Geico has an extensive list of resources available for teen drivers that promote safe driving and teach them the basics of auto insurance. Most of us aren't eligible for an insurance policy with the United Services Automobile Association, but if you've got a military member or veteran in your family, then your teen driver may be able to get great coverage that's even cheaper than Geico's.
USAA allows families to potentially save hundreds of dollars a year with the cheapest car insurance option of leading insurance providers. It also offers the same discounts as many of its competitors, including benefits for good students and for drivers who have taken driving training courses. Most people won't be able to get coverage through USAA, but if you think you might be eligible for a policy, it's definitely a good idea to get a car insurance quote from it before making your final decision.
Car insurance is more expensive for teens because of the perception that their inexperience makes them more likely to be involved in accidents. Whether this is true or not, the fact remains that one in five year-old drivers gets an accident on their driving record in their first year behind the wheel. Nationwide is the rare insurance company that extends its accident forgiveness plan to drivers under 18, meaning that if a teen driver is in an all-too-common fender bender, their family won't see their auto insurance rate skyrocket.
This insurer offers roadside assistance to teen drivers in the case of vehicle trouble, which should have their parents sleeping a little easier.
Also, like a few other insurance companies on this list, Nationwide has a wealth of educational resources available to new drivers , as well as articles targeted toward adults who may be adding a teen to their insurance policy.
Saving money is a major priority for college students and their parents. Nobody wants to spend a lot on a car insurance policy, especially when the vehicle in question may only be used on rare occasions.
Just the thought of spending thousands a month in insurance costs on a vehicle that's almost always in a parking lot is stress-inducing. Not only does Progressive offer everyday low prices, but it's also created a series of discounts that apply specifically to college students.
In addition to the standard good student discount, Progressive offers discounts to students who are more than miles from home and did not take their cars to school, and usage-based auto insurance rates that save money for drivers who rarely use their cars.
Teens can also take advantage of Progressive's Snapshot program , which rewards drivers for driving safely with discounts and other savings. Progressive's website also offers a list of tips to help parents determine if they should add teens on their plans or get them their own. Pennsylvania-based Erie Insurance has been insuring drivers for nearly 95 years, and its reputation for sterling service extends to young drivers as well.
Erie offers three different car insurance policy discounts for young drivers. There's the Youthful Driver Discount, which can be claimed by unmarried drivers under 21 who live with their parents; the Youthful Longevity Discount, which can be claimed by unmarried young drivers who've already been covered by a parent or guardian's Erie plan; and the Driving Training Discount, for drivers under 21 who've taken an accredited driver's ed course.
There's also a distant student discount for families of college students who don't take their cars to school. If you live in one of these states, it's definitely worth checking to see what an Erie teen car insurance policy can offer you. There are ways to cut down on insurance premium policy costs.
For instance, being a safe driver and using more efficient vehicles such as Honda Civics, Toyota Priuses and Nissan Rogues tends to cut costs, even for teen drivers. There are also discounts based on how often you use your car: "Some companies offer discounts to motorists who drive less than the average number of miles per year," says Janet Ruiz, director of strategic communication at the Insurance Information Institute.
Teens may also qualify for good student discounts , or discounts based on learning safe driving habits from a defensive driving course or graduated driver licensing programs. You may also be able to save money if the younger driver on your policy isn't using their car because they're away at college. It's also worth noting that many insurers will allow you to add a teen driver to your policy for free if they just have a learner's permit, so that covers teens enrolled in driver's education courses.
It's also a fact that teen boys are more expensive to add to a policy than teen girls, as they're more likely to be involved in a serious auto accident. The best coverage for you is the one that fits your needs, addresses your concerns, and makes sense for your situation. While Geico's insurance is the cheapest overall, another insurer may offer discounts that make its product even less costly for you. A different one may have coverage options that resonate with you.
What makes an auto insurance provider good for teens isn't that different from what makes one good in general. Karr explains: "ValChoice includes claims handling as the most important factor for the reason that if an insurance company doesn't pay a claim, it doesn't matter how low the price was. Climb in the driver's seat for the latest car news and reviews, delivered to your inbox twice weekly.
The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. Modifications are known to increase premiums by hundreds of pounds. Modifications can make a car more attractive to thieves and they can attract vandals. Standing out from the crowd is not a good idea if you want to keep the cost of your insurance down. Choosing to pay a higher voluntary excess — the amount you pay upfront if you make a claim — could significantly lower the cost of young driver insurance.
However, always run quotes with voluntary insurance included and excluded, just to see what difference it makes. Policies tend to come with a compulsory excess, and any voluntary excess will be on top of this total, so think carefully about whether you could afford to pay that lump sum if you end up needing to make a claim.
Comprehensive can be cheaper than third party insurance because experienced drivers tend to opt for fully comp, while younger drivers — thinking basic cover will be cheaper — pick third party.
But they are the ones who make larger claims. Third party car insurance, which covers losses incurred by other people involved in an accident you cause. This includes injuries to other drivers, pedestrians and passengers and damage to other cars and property. Comprehensive insurance provides blanket cover, protecting other vehicles, property and people as well as the driver and their insured car.
With black box car insurance a telematics box will be installed in your car or an app installed on your phone that can monitor how and when you drive by using GPS technology. The device measures factors like speed, mileage and braking. It tells the insurer how safe a driver you are. Some black box policies work more like pay-as-you-go mobile phone plans, where you can top up the number of miles you plan to cover.
Other black box policies restrict driving at night or during rush hours, which are notorious time for accidents — so make sure you read the small print. Privacy policy. Car Insurance comparison is provided by Confused. Please note, we cannot be held responsible for the content of external websites and by using the links stated to access these separate websites you will be subject to the terms of use applying to those sites.
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