For young drivers, getting a drivers license is like a ticket to freedom. Driving provides a number of other obvious benefits as well, and it is largely considered a rite of passage into adulthood by the vast majority of teenagers. However, there are many things to think about when you’re preparing to take the wheel, including a car insurance policy.
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For young drivers, getting a drivers license is like a ticket to freedom. Driving provides a number of other obvious benefits as well, and it is largely considered a rite of passage into adulthood by the vast majority of teenagers.
However, there are many things to think about when you’re preparing to take the wheel, including a car insurance policy.
Here are a few quick tips to help young drivers navigate the world of car insurance:
1. Don’t be afraid to shop around
There are a lot of options out there and it can be overwhelming, but taking the time to find the right policy for you is worth it. Get quotes from different companies and compare features to find the best deal.
If you are in the market for a new or used car, then we're in the market to help you arrange the money. Our car loan & leasing finance service is backed by a national panel of car loan specialists who will establish your eligibility, find lender/s offering the best deals for your situation - and help you through the approval and settlement process. No charge to you - and no obligation to proceed with any recommendations offered.2. Bundle your policies
Consider bundling your car insurance with other types of insurance, such as your parents’ homeowners policy or your own renter’s insurance. This can often lead to discounts and can make managing multiple policies easier.
3. Be sure to ask about discounts!
There are often discounts available for things like taking defensive driving courses, or being part of certain professional organizations. Make sure you ask about all the possibilities so you can take advantage of every savings opportunity available.
4. Remember that the cheapest option isn’t always the best option
Sometimes it makes sense to pay a little more for better coverage or customer service. Do your research and read reviews before making any decisions so you know what you’re getting into.
5. Talk to your parents
They might have some great insights since they’ve been through the car insurance process before. They can help you compare rates and make sure you’re getting the best possible deal.
6. Be prepared to pay more
Unfortunately, young drivers often have to pay higher rates due to statistics showing that they are more likely to be involved in accidents. However, there are still ways to save money (see tip 3).
7. Review your policy regularly
As you get older and gain more experience behind the wheel, your car insurance needs will change. Review your policy every year or so and make adjustments as needed so you’re always getting the best possible coverage at a price you can afford.
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While many people would consider their home or their car to be their most valuable asset, it's your ability to earn an income that is most important in shaping your financial future.
Statistically, two thirds of working Australians will suffer an injury or illness that will sideline them for 90 days or more.
The majority of these people would not be able to pay their mortgage or meet car finance and other loan commitments without adequate income insurance.
