Why Do Younger Drivers Seem To Get Penalized On Car Insurance Premiums
So, why do younger drivers seem to get penalized on car insurance premiums? Well, the reason is very simple, it’s because in the eyes of the insurance company young drivers under the age of 25 are considered to be higher risk, so their insurance premium reflects their high risk status with a costly premium.
It is a well know fact in the car insurance market that young drivers are more likely to be involved in an accident than any other age group, and for this reason insurers will always expect them to pay higher premiums that anyone else.
Another big reason for the under 25s to be paying expensive premiums is that they only have a low no claims bonus status and they will not be eligible to get a bigger discount off the price of the premium. Having a good no claims status with over five years no claims can get you a pretty good saving. That’s why there is an optional feature on everyone’s policy to protect their no claims status for a small fee. Its well worth protecting your no claims especially if you have more than five years, because without it you’ll find that your insurance premium will become very expensive.
Another fact about young drivers is that they are more likely to have driving convictions for speeding or other traffic related offenses. Being classed as a driver with driving convictions puts a higher risk factor of the driving being involved in an accident and making a claim. So it is really important for young drivers to have a clean driving license if they want to get a low cost car insurance premium. Safe driving can achieve greater savings.
Adding modifications such as new alloy wheels, spoilers, and go fast stripes will only make your insurance premium up. It will make your vehicle stand out more and therefore attract attention for thieves to break in your car, so only add them at a minimum if you can.
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