If you are young and have just got your driving license, you may be interested in knowing how to choose the best insurance for your car. And, although this process is usually not an easy task for those under 25 years of age, in this guide we tell you everything you need to know.
Although insurance companies are aware that every owner of a vehicle must have a mandatory minimum policy that covers, at least, the civil liability of the driver, they are determined to hinder young drivers by charging high premiums and stipulating a large number of conditions.
Indeed, if your age is around 20 years old and you already have your driving license, perhaps you have already learned how difficult it is to find an entity that accepts insurance without charging excessive prices.
Let’s review in this guide some tips that will help you hire the best car insurance and the one most adapted to your situation, always at the best price.
Young drivers, the great fear of insurance companies
As we have previously announced, Spanish legislation obliges every driver of a vehicle to have an insurance that covers, at least, the civil liability that allows covering the physical and material damages that you may cause to third parties.
However, companies do not always agree to insure young drivers between the ages of 18 and 25.
The reason for this is that insurers consider that the risk of covering inexperienced drivers is very high.
Indeed, all those who have less than two years of experience on the roads will be considered as such and therefore will be part of the high-risk group.
In this sense, and because they are private entities, companies are not subject to any type of obligation that requires them to offer you insurance for your car. Quite the contrary, if the entity decides not to insure you, it will be fully entitled.
And, although there are some insurers that will not want to insure you, others will, but for prices of up to 60% more expensive than for a low-risk policy.
Remember that, in general, the greatest risk you pose to the company will be related to your young age and little experience, however, there are other factors that may influence your decision.
If you have bought your first car and it already has several kilometers on it, rest assured that your risk profile will be even more important.
Tips for finding the best youth car insurance
While these tips do not guarantee that the company will agree to insure you, they will most likely help you find a policy that suits your needs without paying a fortune.
- A new car will always have a higher risk for insurers. Try to use a slightly older vehicle as you gain more experience as a driver.
- Try to find a policy that includes only the coverage you really need. Do not forget that the more coverage you intend to contract, the higher the premium payment will be.
- If you are going to buy a car, opt for one that does not have many displacements, otherwise, the premium will go up automatically.
- If you like the automotive world and your dream of modifying your car so that it has more power or more attractive design, you should be aware that your percentage of risk with the insurance company will be higher.
- When buying a car, whether new or second-hand, we advise you to opt for one that runs on gasoline as the insurance premium will be cheaper.
- If you want to save even more when purchasing your car insurance, we advise you to opt for a policy with a franchise.
Can’t get insurance for your car? There is a solution!
If you have already resorted to all the companies and you do not get any insurance, you can contact the Insurance Compensation Consortium. This entity is in charge of accepting all those drivers who have not been admitted by private insurers.
The Insurance Compensation Consortium will offer you a policy that is regulated by Article 5 of the Regulations for Mandatory Civil Liability insurance that stipulates the following:
“The body will accept the contracting of the risk when 2 requests for compulsory insurance have not been accepted or have been rejected by 2 insurance companies, unless the risk was accepted by another or other insurers at the request of the Insurance Compensation Consortium”.
Remember that this insurance only offers the minimum mandatory coverage or Civil Liability. At the same time, it is important that you know that in order to hire it, you must show that at least two private companies rejected your request.