You’re 18 years old who’s on her way to college and independence. Congratulations! You know how everyone’s saying that you’re an adult now? Well, one organization that won’t say this is your car insurance agency. Find out why below.
What the Studies Say
Many studies have been done on the chances that a young driver will be involved in a car accident in relation to their older peers. The studies have been done and the results are in: As an 18 year old driver, you’re up to four times more likely to get into a car accident than older motorists. Young male drivers have it worst, as studies show that they’re way more likely to get into a severe car accident than their female counterparts. This amounts to sky high premiums for both male and female 18 year old drivers. This is not good news for those 18 year olds looking for cheap car insurance.
How Insurers Interpret the Studies
Car insurance companies pay a lot of attention to studies done from such organizations as the Insurance Institute for Highway Safety. As a result, what these studies say can have a large effect on the premiums you pay every year. What all of the studies say is that as an 18 year old driver, you’re way more likely to be a danger on the road than an older motorist. Since insurers read these studies, you can bet that you’ll be penalized for your age and inexperience. However, there are a few things you can do to make sure you’re not paying expensive premiums for the rest of your life.
How to Mitigate Car Insurance for 18 Year Olds
For most young drivers, your premium will automatically be lowered at the age of 25. However, this will not be the case if your credit history and/or driving record are subpar. Studies have been done that show that the higher your credit score, the safer you’ll be on the road. Therefore, insurance companies operate under the assumption that drivers with a pristine credit history will also be excellent drivers. For obvious reasons, maintaining an excellent driving history will ensure that your car insurance will be lowered significantly at the age of 25.
Taking Advantage of Discounts
Since you’re going off to college, chances are you were a good student in high school. If you keep up that attitude of scholastic fortitude, you can take advantage of a discount offered by many insurance companies. Usually called a good grades discount, you can get 10% or more off of your premium if you maintain a B average in high school or college. Congratulations! You’ve now found another reason for getting good grades besides making Mom and Dad proud. You can also save money.
If you learn how to mitigate the costs of car insurance for 18 year olds, you’ll find that it’s not a difficult task. Taking advantage of discounts and being a safe driver are the best ways to keep your premium lower than the average 18 year old driver.