Young drivers are the highest risk age bracket relating to car insurance policies. Under 25 year olds pay the highest premiums after the under 19 year old and under 21 year old age groups.
The reason for this is simple. Statistically the younger the age of driver, the higher the probability there is of a client making a claim. Due to young drivers inexperience on the road the number of accidents is higher than that of older and more experienced drivers. Furthermore, more claims are made by young male drivers than females and male claims also tend to be for higher amounts than females. Another reason why the Under 25 age bracket have higher premiums is due to that age bracket tending to enjoy modifications on their vehicles. By adding certain parts and improving the power and performance of a vehicle, in turn makes the vehicle a higher risk proposition. This is however true for any vehicle in any age group.
Whereas the Under 21 age group will unlikely find temporary insurance cover for any period under one month, the Under 25 age group will be ale to gain temporary cover for as little as 24 hours.
Many car insurance companies specialise in young drivers for the Under 25 year old age brackets. By searching for a specialist insurer, this can mean saving heavily on premiums compared to a general insurer.
To reduce premium rates further, there are certain points that an insurer will take into account for this to happen. Firstly by ensuring a car has maximum security such as an alarm, GPS tracking device and steering wheel lock, will help protect a vehicle against theft. Secondly if the vehicle is left in a private garage or a driveway as opposed to a main road will lower the risk of vandalism and theft and therefore lower premiums.
Insurance companies have recognised that young drivers do pay the highest premiums for any age bracket and are also aware that disposable income tends to much lower than older drivers. Because of this many young drivers find it difficult to afford their car insurance premiums, however with the introduction of pay as you go and pay monthly schemes, it makes it easier for young people to manage their insurance policy payments.
All insurance quotes for any age bracket and vehicle type can vary massively from insurer to insurer. Some companies specialise in various niches of car insurance and it is therefore advisable to do extra research when choosing car insurance, especially if a client falls in to the Under 25 year old age bracket.
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