Young Star Driving School trains hundreds of teenagers every year. We assist them to become safe and confident, licensed drivers. Instructors in our school are often asked one particular question by the new drivers.
Why is car insurance so expensive for teens? Our instructors educate them that obtaining a driving license is just the first step into the world of transportation. Other important issues, like buying, leasing or financing a car and shopping for affordable insurance policy are other important factors in the long run.
It is a fact that car insurance is expansive in Ontario. In particular, it is ridiculously expensive for teens and newly licensed drivers. Simply because teens are graded riskier by insurance companies than the experienced and mature drivers. There are some other reasons for skyrocketing premiums for those between the ages of sixteen and nineteen years. Here are the most common ones.
Lack of experience and immaturity behind the wheel
Easily distracted and panicked
Higher chance of involving in a collision.
Often involved in serious and fatal collisions.
Frequent traffic violations and tickets.
Every driver has his or her unique circumstances. For example, a minor can get their own insurance coverage as long as a parent cosigns the policy. Similarly, teenagers who are not minors can get their own car insurance policy. It can be a good option to reduce premiums, placing your child on a separate insurance policy can cause issues down the line. Parents may still be liable and could be sued should there be an issue. Moreover, the insurer is allowed to place restrictions on who they choose to insure.
Ways to save on teen car insurance
There are several ways to reduce the costs of insurance premiums
Do your research
It is important to do your due diligence. Before choosing an insurance company. Make sure you have researched and prepared everything you can to save. Shop around to check which insurers offer the best package to keep your premiums at a manageable cost. Try to make sense of what insurance companies value more and what they do not like. Begin with mainstream companies or major banks. They usually offer the best policies. On the other hand, they may have stricter qualification criteria. You can compare insurance quotes from different online companies like”https://www.kanetix.ca/”>kanetix. Check out this article by Globe and Mail on how to compare auto insurance quotes.
Look and ask for discounts
Do your research and check which discounts might be available for you. Some companies offer discounts for “teen driver”, “good student”, “away student” discounts. There can be low mileage discounts for those who allow a telematic device to be placed in the car to monitor driving habits. Such monitoring devices can also help parents oversee teen driving behavior such as speeding, hard braking, and seat belt usage.
Invest in driver’s education courses
Many insurers promote driver safety courses to help teach young, inexperienced drivers the rules of the road. Taking extra driver’s education courses allows insurers to recognize they’ve gone above and beyond the minimum state-mandated training and thus will lower premiums as much as 15 percent. Young Star Driving School offers courses that can help reduce insurance premiums for new drivers.
Choose the car wisely
Insurance rates vary significantly by car type. Everybody in their teens wants to have the coolest car on the street. However, it should not be overlooked that the type of car you purchase effects insurance premium. Though it varies by province, the least expensive cars to insure are usually safe and easy to repair. Honda Civic continue to top each year’s list of the cheapest cars to insure for teens.
Insurance companies like safe drivers. It is important to stay safe on the road and maintain an impeccable driving record to further lower your insurance premiums. Our driving school offers specially designed accident prevention and defensive driving training courses. If you have any questions regarding the services offered by our driving school, please feel free to call us or email us.