Some people believe there’s a certain ‘magic age’ that will bring their car insurance premiums down substantially. This post is here to answer the question: does your car insurance go down once you hit 21? Read on to find out…
Age is a factor in how much you are charged for your premiums, as people at certain ages are deemed more of a risk. Your age will be used to predict how likely it will be that you’ll make a claim.
People under the age of 25 are statistically more likely to have an accident, but even so, each company handles age and insurance prices differently. There’s no rule that says car insurance will decrease substantially once you hit age 21, or even once you hit age 25.
You shouldn’t automatically expect your premiums to decrease once you hit a certain age. If you’ve been driving for a few years and building up your no claims bonus, then your premiums should decrease regardless. They may reduce by a small amount each year when you are due to renew.
Depending on the carrier, you may be offered a pricing break at 21, 23, or 30. However, there are lots of other ways to get discounts on your policy, such as taking out insurance for something else with the same supplier.
Don’t go with the first provider you see. Shop around and compare different premiums and what is included to make sure you get the best value.
Don’t be afraid to haggle if you find a better price elsewhere, or even if you’d just like to see if you can get a better deal.
Usually, having other people on your insurance policy will make it more expensive. However, there may be exceptions, such as adding somebody with more driving experience.
Paying your premiums off monthly can mean paying hundreds more overall. Try paying the whole thing off at once, if possible. You could take out a 0% interest credit card to pay off your insurance.
Signing up to use Black Box technology to monitor how you drive could cut your insurance premium by hundreds – providing you’re a safe driver.
Don’t forget to protect your no claims bonus, as getting into an accident, even one that is not your fault could mean having to start all over again.
Try to stay as economical as you can with how much you drive.
Offer to pay more for your car if something does go wrong – but ensure you will be able to afford it.
Secure your car with quality alarm systems and other safety gear. This can take 5% off your premiums. Some cars come with them as standard, so make sure you check and declare them.
Some cars are way more expensive to insure than others, so make this decision wisely.