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What Age Is Cheapest For Car Insurance?
As a rule of thumb, when you reach the age of 25 years old the amount you pay on your car insurance will drop dramatically. You’ll be viewed as a typically good driver and the value of your premium will reflect this. However as mentioned, this is only a rule of thumb. That’s because there are plenty of variables to consider when calculating car insurance premiums. Whilst you’ll notice a drop in your premium once you’ve reached the age of 25, for some this drop will be more pronounced than for others. As a young driver, if you have your own policy, if you drive a sensible car that’s safe and reliable and if you haven’t claimed a penny on your insurance, you’ll reap the rewards of a much lower premium once your turn 25 years old. For example, those who have their own policy will take advantage of lower premiums once they have driving experience and reach this benchmark age. For those who are insured as named drivers on someone else’s policy, you won’t notice the change as much. This is because insurance companies reward policy holders for their loyalty over the years when car insurance can be particularly expensive. If you’ve not had your own policy, regardless of your age, when you finally get one, you’ll be paying a lot more than someone who has had their own policy for a number of years. If you have driven a vehicle with a low sized engine or a car that is placed within a low insurance band, you’ll notice a huge drop once you reach 25 years old. If, however, you want to upgrade your car in the meantime or even once you have reached 25, you won’t notice the drop quite as much. That’s because larger cars with bigger engine sizes will cost a lot more to insure. From the time you start driving to the time you reach 25 years old, any accident you’ve had and subsequent claim you’ve made will also massively affect whether your premium drops significantly once you reach 25. Having a good driving history is paramount to lower premiums, because the risk and cost attached to someone who’s in accidents and claims on their insurance is much greater than someone who doesn’t. Therefore, if you’re a sensible driver, you’ll be rewarded accordingly. This also means that if you haven’t committed any traffic violations (this most notably includes speeding) then you’ll also be rewarded accordingly. As much as 20% can be taken off your premium if you’re driving record is clean. Other factors can include the type of coverage you’re looking for; for any young driver who has taken out a fully comprehensive policy, your premiums will be much higher than paying for a cheaper policy such as third party, fire and theft. It might be an option to take out a policy covering less before you’re 25, and then after this age get more comprehensive cover; you defiantly won’t pay as much as a 17 – 25 year old driver for fully comprehensive cover. It’s important that you understand how car insurance works before getting a policy; knowing that your premium will reduce significantly once you reach the age of 25 is one thing, but there’s plenty more to consider if you want to see your premiums reduce significantly once you reach this age. Article Directory: http://www.articledashboard.com Vincent Rogers is a freelance writer who writes for a number of UK businesses. For the best priced car and home insurance, he recommends Dial Direct. |
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