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Ah, to be young again. It's a time when we had seemingly limitless energy and the world was full of endless possibilities. Not only that, but our skin was smooth and completely wrinkle free! Boy, it really does seem like ages ago. But for all the virtues of youth, there is one slight drawback. You pay more for car insurance!
For auto insurance companies, "young" actually means "risky." And what does "risky" mean then? That's right, it means "money." Or rather, it means more money that a young driver has to hand over for car insurance. If you are a young driver or a parent of one, this is an important topic for you to understand. Before we discuss some tactics on how young drivers can keep their auto insurance costs down, let's first define what exactly a young driver is and what they mean to auto insurance companies.
Under The Age Of 25
Turning 16 years old represents a huge turning point in life. It is the age when most of us first earned our driver's license and could legally operate a motor vehicle. Another less obvious but just as important milestone is reaching the age of 25. This is the age when a person truly matures in the eyes of the auto insurance companies. Essentially, this is when a motorist enters a different demographic. This older age group, as a whole, is less accident-prone and files less claims. Consequently, they pay less in auto insurance than their younger peers.
Simply put, any motorist between the ages of 16 and 24 could be considered a "young driver" since they are lumped together in the same demographic. This also happens to be the riskiest demographic - according to the Insurance Institute for Highway Safety, young drivers are four times as likely to get into an accident than any other age group. As a result, they will pay more for car insurance.
Less Than 3 Years Of Driving Experience
More experience on the road usually translates into safer driving habits. Experienced motorists are more weary of the dangers the road can sometimes present. Auto insurance companies reward these more experienced motorists with lower premiums since they are less likely to file a claim.
So, in this instance "young" has nothing to do with age. It happens to relate to a lack of driving experience. Often the two go hand in hand, but not always. Thus, an auto insurer may consider you to be a younger driver even if you are middle-aged. Young or old, the designation ultimately doesn't matter. What is important is the fact if you have less than three years driving experience, you will pay more for car insurance.
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