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Factors Affecting On How Much Is Car Insurance for An 18 Year Old

Factors Affecting On How Much Is Car Insurance for An 18 Year Old

Like all other drivers, even 18-year olds need to get car insurance if they are driving. The question that keeps on bothering parents however, is how much is car insurance for an 18 year old? They want to know such information so that they can budget their money and allot enough for their child’s car insurance. This would also help them decide which companies give the best offer and how they can save when getting car insurance for teenagers. Below are just some of the factors affecting how much is car insurance for an 18 year old.

How Much Is Car Insurance for An 18 Year Old: Age and gender

The car insurance industry knows how much of a risk it is for teenagers to drive around busy streets. It is important also to keep in mind that younger male drivers pay higher premiums compared to female drivers. A good example would be male drivers living in Pueblo, Colorado are required to pay as much as 1,101USD for a six-months car insurance policy, while female drivers pay 898USD. This is one factor that determines how much is car insurance for an 18 year old that is based on risk factors.

There are also other factors that greatly affect how much is car insurance for an 18 year old. Such factors include the location where the car will be driven. Cities having higher crime rates would mean higher car insurance premium. Another factor would be the type and model of the vehicle. Sports car and expensive vehicles of course, would cost more compared to driving a sedan. Older models of cars can save you a lot of money, while new cars can cost as much as 700USD.

How Much Is Car Insurance for An 18 Year Old: Academic discounts

Students with good standings in their academic performance can avail discounts offered by car insurance companies for vehicle insurance. How much is car insurance for an 18 year old can be affordable if your child manages to maintain a B average or better in his or her studies. This can be attributed to a more diligent attitude and lower risks, compared to teenagers that perform poorly in school. Those who also availed safe driving courses can avail lower premiums, or as long as your 18 year old manages to drive the car without any violations or accidents.

Knowing how much is car insurance for an 18 year old is not enough for you reduce the premiums for car insurance for teenagers. There are many ways that you can save on car insurance and this includes responsible driving on your child’s part. Car insurance companies constantly check if the teenager is a high risk by taking into account their disciplinary and academic records. If you want, you can also extend your teenager’s car insurance from your own, so that you can save enough for other things. Although this can double your own premium, always keep in mind that getting a separate insurance can be more expensive. By being informed on how much car insurance for an 18 year old is, you can find ways to save on your child’s monthly car insurance premium.