Worldwide, insurance premiums for teenagers are the highest. It is a fact that the statistics at hand and even the insurance companies themselves can attest to. This article’s goal is to explain the causes of increased insurance premiums and offer suggestions for lowering them. Let’s get going. Know about heavy duty towing near me to get urgent help.
REASONS TEENAGERS PAY MORE FOR INSURANCE
Teenagers pay the highest insurance premiums for a number of reasons, which we shall go over below.
- Adult drivers are eligible for the majority of the savings. For instance, car owners who have filed few or no claims over the previous years are eligible for the No Claims Discount. Teenagers are ineligible for these reductions because they have just begun driving. Other discounts exist, including homeowner and professional. Once more, they are exclusively accessible to adults. Teenagers end up paying more than adult drivers without the incentives.
- Teenagers tend to be single. There is a lot of proof that shows married people drive more safely and make fewer claims. One is more willing to take a chance when driving alone. Insurance providers in the UAE and other nations raise insurance premiums to account for this risk.
- Not wearing a seatbelt is one of the causes of fatal car accidents affecting minors. It is a fact that almost all nations in the globe share. Another example of careless behaviour is not using a seatbelt. Car insurance providers raise the rate as a result.
- The lack of driving experience is the fourth factor in increased insurance rates. Teenagers are more likely to make mistakes since they are still learning how to drive.
- Mobile phones and other electronic devices are more frequently used while driving by teenagers. Around the world, these distractions are the main factor in car accidents. Insurance firms raise the rate to lower their risk because they have no influence over the behaviour of the driver.
Teenagers spend more for insurance than any other age group for the most frequent causes listed above.
WHAT CAN BE DONE?
There are several things that may be done to lower the cost of insurance. Typically, parents assist their children in purchasing their first cars. After all, it is unrealistic to expect a youngster to fully finance an automobile on their own. Parents must therefore purchase a used car for their child. Although it may seem ludicrous, you will find that it is actually extremely rational.
REASONS FOR BUYING AN OLD CAR
Given that kids have no driving experience, there is little use in getting your youngster a new car. We advise you to purchase them an older vehicle with a solid safety record instead. Older cars have cheaper insurance costs than newer ones. As a result, the insurance premium can be decreased.
Older vehicles typically require less money to fix. In 90% of cases, you can afford the repairs with ease. If the damage from the collision is too great, you can completely scrap the car without suffering a substantial financial loss. Since the cost of repairs is cheap, you can forego purchasing comprehensive auto insurance. Instead, simply purchase third-party automobile insurance, which is more cost-effective and effective.
We’re sure you now support our recommendation that you get your child an older car. We still advise purchasing an older vehicle if you are a teenager and intend to purchase a vehicle on your own. When you get older and more knowledgeable, you can always upgrade to a new car.
PROFESSIONAL DRIVING COURSES
Enrolling youngsters in a professional driving course is another option to lower their insurance costs. In the UAE, there are innumerable driving schools. The insurance rate may be lowered with a certificate from any of the trustworthy ones. The certificate attests to the teen’s good driving habits.
Several insurance providers want authorization before installing a gadget in your car to track your speed and other driving behaviours. We advise allowing the gadget on your teen’s automobile because it may assist lower the rate. The gadget’s sole function is to keep track of your driving behaviours. In other words, they don’t compromise your privacy.
If you pay the insurance cost in full rather than in instalments, many auto insurance providers will give you a discount. Finding those who give this discount and paying in full are all that are required. There’s a chance that you can still receive a discount even if you pay in three or four instalments.
In our blog entries, we’ve emphasised numerous times the need of comparing insurance rates from various providers. Do your research when looking for auto insurance for your teen. In other words, request quotes from several insurance providers and try to negotiate as much as you can. Buy the product with the lowest rate at the end.
SAFE DRIVING LESSONS
There are many things you as a parent can do to help your adolescent. One of these things is showing them safe driving techniques. Teenagers frequently drive violently as inexperienced drivers. We therefore ask that you instruct them in safe driving.