A car is like a pet. You own it. Then you take care of it. It needs its food and care- daily, monthly, yearly and forever. Similarly, a car needs gas bills as well as premiums to pay to the insurance company- there is no escape. You are under obligation – legal as well as pragmatic. The cost of gasoline is easily compromised. But the payment of premiums does not. Your situation is worse when you are young and male– less than 25. See the graph taken from
valuepenguine.com. The younger you are, the higher your costs go.
You may have a feeling that you are discriminated against for your age and gender. But insurance companies have their reasons. They have statistics that young male people are vulnerable drivers for biological reasons. Statistics are not things to hoot away.
So what to do? Here are tips—
Alsatian vs Mynah
The metaphorical pet, your car, could either be an Alsatian or a mynah. The bigger will cost you bigger, of course. The bigger is more expensive or more vulnerable for the insurance company. The costlier your car, the bigger premiums they are going to impose on you. But that does not mean cheap ones will save you on money. An insurance agent will see how expensive the repair-work is going to be in the event of a mishap. So a written-up car is going to be a white elephant for sure.
This or That?
In 2013, the US manufacturers produced 4,253,098 cars. And you perhaps know thirteen companies that produce cars make this country one of the top marketplaces for cars in the world. Though cars are not toys, when it comes to getting your auto insurance, make sure you are buying the right car. So which one is right for insurance? The one that passes the Institute of Insurance Institute for Highway Safety's (IIHS)
TSP (Top Safety Picks) is obviously the one right for you. So go check it out if the car that you have had a crash on is really worth your admiration. Here is the link: http://www.iihs.org/iihs/ratings.
Play the Old Man
To get a policy in your parent’s name, instead of your own, is a smart way to lower the premiums. Your parent’s policy is going to be much less than your own. And as a member of the family you are covered in the policy. Unless you are ready otherwise, you can very well consider this option. You need, however, to stay with the old man for this.
There is, however, an emotional setback in this policy. You cannot be the legal owner of the car you really own. So it is good to look for other ways that I discuss below.
Ensure and Insure
It is good to get trained on safety driving before you buy a car. It will help you stay in a trusted position with your insurer. The reason insurers make you pay the price for your age is they doubt your reliability as a driver. If you could ensure them that you were a knowledgeable and serious driver, new though, you can expect your discount. You may already have had good driving skills but getting certified from a professional institute will only count when you are up for an insurance. And yes, there are approved driving schools in your state. Get a list of them. Here is the link for you to get your driving education and driver’s license:
http://www.dmv.org/drivers-ed.php
Go Up the Grade Ladder
Do you know that your results can play an important role in determining your premium? Although there is no link between your car insurance policy and school results, great GPA is going to ease you to extents. The attitude is psychological. Students with better grades are considered more responsible and trustworthy as policy holders than their counterparts with poor grade points. They are rewarded with premium discounts. So, there is another big reason for you to go upgrade your grade, isn’t there? And the reward is really exciting. You are going to save up to 15% of money for consistent good results.
Build Clean Credit History
You may wonder how credit history matters to your insurance policy. But it does. A clean credit history with clean records of builds insurance credibility. Your insurer trusts you as a responsible young man. So before you even make a purchase, go get your credit card and attach a clean history to it. You will be rewarded.
Be Non-alcoholic
It is good to be non-alcoholic to have an affordable insurance. Alcoholics, you know, are often reckless. Abstinence could benefit you to lower your premiums.
Add-ons vs Add-ons— Choose Wisely
Young men tend to have add-ons to beautify or smart-tify their cars. Instead of costly decorative ones, use those that will boost your car’s security and safety. So it is good to have seat-belt, side and front impact air bags, anti-lock brakes or anti-theft devices. Remember anti-theft devices can save you from 5% to 30% on insurance cost.
Look for Discount Offers
The auto insurance companies may offer any of these following discounts or even more. It is always wise to check if you could avail any of these:
* Pay in full discount
*Security discount
*Student discount
*Accident forgiveness discount
*Partnership discount
And Finally….
Be Inquisitive. Do not click the ‘cheapest auto insurance’ link and sign up for it. Compare at least, I repeat ‘at least’ five products and note their pros and cons. See with whom you best benefit. This is the most important part of choosing the policy for you. Remember to remember—your policy should not be so cheap as not to come in handy in time of need.
Image Credit Goes To: carinsurance.com
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