July 9, 2012 in Insurance

How can a young guy save on car insurance?

Dear Insurance Adviser,

I’m a young, single man about to start living on my own. I know that car insurance companies tend to hit young, single men with higher premiums than other groups of people. Is there anything I can do, or any sort of documentation I can show, that can get me a lower auto insurance premium?

— Looking for a Break

Dear Looking,

Being a male of the species myself, I do remember — not fondly — the first time I had to pay for my car insurance at age 18. I couldn’t believe how much the insurance company wanted! And I hadn’t even done anything yet! It’s a bummer for a young man just starting out, for sure. But there are some things you can do that can have a huge impact on your pricing, both now and in the future.

First, the good news:

Now the bad news:

As you can see, although you can’t change your young-single-male status, you still can have huge impacts on your auto insurance rates both positively and negatively based on the choices you make as a driver.

One final tip: The biggest cost of all to you is an accident you cause in which there are serious injuries, and you don’t have enough liability insurance to fully cover those injuries. Extra liability insurance is pretty inexpensive, even for your age bracket. Don’t try to save any money on your car insurance by buying too little of this important coverage.

All the best!

Ask the adviser

To ask a question of the Insurance Adviser, go to the”Ask the Experts” page and select “Insurance” from the drop-down box. Read more Insurance Adviser columns.

Bankrate’s content, including the guidance of its advice-and-expert columns and this website, is intended only to assist you with financial decisions. The content is broad in scope and does not consider your personal financial situation. Bankrate recommends that you seek the advice of advisers who are fully aware of your individual circumstances before making any final decisions or implementing any financial strategy. Please remember that your use of this website is governed by Bankrate’s Terms of Use.



More On Car Insurance: