If you are a new driver, then certainly you would want to find out the best insurance company for your vehicle. This article will discuss what are the insurance requirements for new drivers. The article will at the end tell you what steps to take to cut down the high premiums demanded by insurance companies if they are willing to cover you. Moreover, you will get to know the best insurance companies for new drivers.
Usually, young drivers and new drivers have to pay a higher premium. Young drivers are usually reckless and are prone to accidents; which is a big issue in the US. Insurance companies take higher premium charges from younger drivers because of this. Insurance companies have to take into account all the risk factors involved; and how much they will have to cover if anything happens. They have to select which coverage to offer to new drivers to safeguard their companies’ financial interests.
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What Kind Of Auto Insurance Do New Drivers Require?
You have to have a minimum financial coverage, it’s a mandatory requirement by almost every state. But as a new driver, you should have more coverage than what the state wants you to have. The minimum insurance coverage or any kind of financial coverage required by the state may not be enough.
Usually you have to have liability insurance coverage that will deal with the injuries you might do to others or the damage you might do to other people’s properties. There are three types of liability coverage: for any type of physical injury caused to a person; for any type of injury caused to person/persons in an accident; and for any type of damages done to properties.
You might have to have uninsured/underinsured motorist coverage too besides the above three coverages. This protects you financially if the other person is the ‘at-fault driver’ in the accident. There are 16 states that require you to have personal injury protection coverage too. This will enable you to pay the medical expenses if you are involved in a car crash.
For new drivers, comprehensive and collision coverage is optional. These coverage policies are explained below:
Collision coverage will cover the parts of the car that got damaged in a collision with another vehicle or object, as stated in the policy. But if not stated in the policy, then those parts will not be covered.
Comprehensive coverage will deal with a number of problems your car might have, but they all deal with non-collision problems. Again, it will cover the cost of those items damaged in the car that are specified to be covered in the policy. Both policies can also have specifications of replacing the car, for example, if car is stolen or if the car is completely destroyed by another vehicle, then the insurance company will replace it. Again, if specified in the insurance policy and for this coverage a hefty premium might normally be involved.
The Age Factor
Younger and older drivers have to usually pay a higher premium. Middle aged drivers pay the least. If you are young, you might be reckless or careless. If you are old, you might not be able to handle driving properly any more. The accident degree goes up with both these groups. Companies usually want to make money and that can only happen if they minimize the risks.
Which Are The Best Insurance Companies For New Drivers?
There is no such thing as the best insurance company for new drives. You will have to go from one insurance company to another and see how much premium they want. Some companies will want more than others. So the best is checking out a few, ideally as many as you can, and then select a company that asks for the least amount of premium.
However, you can make the entire process of finding the best insurance companies for new drivers easier. Follow the tips below and they will bring down that premium amount. This you can do regardless of the age factor.
Tips To Bring Down That Premium Level
Get a cheap car with good safety features. The more expensive the car is, the more expensive the parts are. The higher the premium climbs.
Get your name in on your family auto insurance policy. That will get the premium down too for you. Of course, it will have an effect on the premium that everyone has to share in. Talk it out with your family. You better pay for your part in the premium.
If you have a life insurance policy or a fire insurance policy, then the company might give you a discount on an auto insurance policy.
Pay the entire sum altogether. This could be hard as most people pay find it convenient to pay in monthly installments. Now paying that way makes the monthly payment more expensive since there are charges for paying the amount in parts. Now if you pay the entire amount straight away, you do not pay any other charges. It will reduce your expenses anywhere from five percent to ten percent. But its hard paying in lump-sum.
Now if you can take defensive driving lessons that’s good. If your grade points are average or higher, that’s good to get the premium down. If you have a clean driving record, that will bring down the premium. If you have a lot of safety features in your car then you can negotiate about the premiums.
Work on the tips. Ask around. Check out best insurance companies for new drivers. It is sure that you will be offered a quote that you can afford by paying a reasonable premium that is in your budget range. Until then, don’t go for a car. Try to work out those tips first.
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