As a young adult, you will undoubtedly pay more for your car insurance than people that are in their thirties and up. This is especially true if you are younger than twenty five. There are many ways to lower your risk profile, thus lowering your monthly rate. Taking a defensive and/or advanced driving course, driving a cheaper car, joining an auto club and lowering your mileage use per month by using public transport and carpools where possible are all options that can lower your monthly insurance rate.
In addition to these “common sense” steps you can take to lower your monthly installment, you could also consider lowering your comprehensive and collision cover if you have an older car that may not be worth as much. The reason for this is that if the damage is significant enough, in the event of a collision, the excess payment could be more than the vehicle is actually worth! If, however, you can afford a more expensive vehicle or even a new one, buy something with as many safety features as possible. This includes airbags all round, unbreakable or electronic locks, automatic lights and even a car with an automatic transmission. These safety features, especially the locks, can lower your rate with certain insurance providers.
Another obvious feature you will want to consider when purchasing a new car is security features. Many insurance companies refuse to insure a vehicle if it does not have a gear lock, immobilizer, alarm or tracking system. It also stands to reason that the more security features your car has, the lower the insurance premium. Where you keep your vehicle at night and at work will also fall in the security category.
Finally, many insurance companies consider your social and economic status when evaluating your risk profile. If you are married or engaged, you are considered more stable, thus lowering your risk profile. Having children will also count towards this. Your career and job also influences you premium as insurers have, through the years, established which kinds of drivers tend to go for certain careers. For instance, a technical engineer is less likely to go out and drink excessively before driving than someone employed in the service industry.
Comparing quotes online or by telephone will greatly assist you in selecting the company to best serve your insurance needs but never skimp on your cover to save a few pennies; this could backfire badly when you need to submit a big claim.