Most teens will be out of school in less than a month. This means that many young drivers will be on the road. Many parents wait until the late spring or summer months to allow them to have their own vehicles. Times are tough and many teens have to work in order to pay for their car insurance premiums and gasoline. On average, teens are paying approximately 18 percent of their salaries on their car insurance premiums alone.
In a bad economy, where unemployment is high, this can be a tough pill for teens to have to swallow. For many teens, the only way that they can commute to a job is by owning a car. Car insurance coverage is basically mandatory everywhere so the expense is one that they have to find a way to work into their budgets. This is not just a problem in the United States; teens in the United Kingdom are feeling the pinch as well.
According to statistics, most teens will spend around 2,500 pounds each year on their car insurance premiums. However, young men will pay around 3,635 pounds and females will pay 1,869 pounds. There is a huge difference in the amount of money that young male drivers will pay versus their female counter parts. This also is happening in the United States today as well.
Young male drivers have a stigma attached to them that will be hard for them to overcome. Men love fast cars and they will be penalized for this with their car insurance companies. Speed is a major factor in automobile accidents and in the United Kingdom; many accidents are due to excessive speed and reckless driving.
On the other end of the spectrum, older drivers who are over the age of 71 are seeing a sharp decline in their car insurance premium rates. In the UK, most drivers in this age bracket will pay on average 436 pounds per year. This is on point with United States drivers who are the same age and will pay $700 to $900 a year for insurance coverage.
Young teens need to make sure that they find ways to save money on their car insurance coverage. A great way for men age 17 to 20 to save money is to get good grades, take defensive driving courses, and to drive as few miles as possible. Shopping around will allow teens to take their time and choose their insurance company wisely.
- About the CCI Author
- Latest Posts
Lauren Pezzullo is a seasoned strategist who specializes in helping drivers understand localized auto insurance rate trends. Her content for CheapCarInsurance.net blends SEO precision with user-friendly insurance guidance to help find the most affordable auto coverage.