How to Lower Car Insurance Rates for Young Drivers in Colorado?
Across the nation, 16-year-old drivers have consistently been at the highest risk of accident over any other age group. This is because new drivers lack experience during their first year on the road, and because young teens in general haven’t developed the same level of maturity and risk-aversion as older people. Alcohol and other impairing substances also affect them more strongly. In fact, car accidents remain the leading cause of death for teenagers in America.
Fortunately, there are several things any teen driver can do to mitigate some of the higher costs of car insurance for young drivers.
Get an “Insurance-Friendly” Car
A car that is more likely to be stolen or is in general more expensive to repair is going to cost more to insure. The insurance company assumes more risk if you drive a luxury car or something that is a common target for thieves. The cheapest cars to insure are simple, low horsepower, mid-sized, and come with plenty of safety equipment like seat-belts, airbags, and back-up warning systems.
Do Well in School
Because there is a correlation between good grades and safe driving habits, it is common for insurance companies to offer lower rates to teen drivers who maintain a “B” average or better. If you can provide a recent report card showing your good performance in school, you might save some money. Get those grades up!
Get On the Parents’ Policy
For most insurance companies, it is much cheaper to add a teen driver to their parents’ policy than to create a new one. Most companies will have some kind of family plan or multiple driver discounts.
Drive Like a Girl
Actually, there’s not much teen drivers can do about this, but young males are generally charged 10% higher premiums than females. This is simply because there is a higher correlation of accidents with guys than there are with girls. Sorry, guys.
Complete Teen Driver’s Education Courses
Driver’s education in Colorado is required for drivers under 16 who want to get their permit. But, if you choose to complete it even past 16, it may be positively reflected on your car and auto insurance rates. Some insurance companies offer up to a 15% discount for teens who have completed 30-hour driver’s education either online or in person. They believe that teens who have had the professional intensive training offered in these state-approved courses will be better drivers than those who learn privately.
Insurance rates go down sharply the longer a teen driver maintains a clean record and the older they get, so you won’t have to worry too long about those insane car insurance rates. But be warned that even a few tickets or a single accident can cause your rates to skyrocket, especially if you are a teen. Be extra careful during those first couple years of driving, and make sure you take the necessary steps to learn the principles of safe driving for life.