Tips from financial experts: How young new drivers can save up to 77% on car insurance

Tips from financial experts: How young new drivers can save up to 77% on car insurance

According to a report by www.focus.de, young novice drivers pay expensive premiums for vehicle insurance due to their age and the statistically higher risk of accidents. However, insurance premiums for new drivers can be significantly reduced by insuring the car through their parents, changing the tariff and taking advantage of certain contract conditions. The comparison portal Verivox has shown that an 18-year-old driver can save up to two thirds on insurance costs by insuring the car through their parents. Changing tariffs and using contractual conditions can also reveal additional savings potential.

The impact can be significant as reduced insurance costs provide relief to young people with limited financial resources. This could lead to more young people choosing to own a car by reducing the financial burden of insurance. On the other hand, insurance companies may experience a loss of revenue and may need to rethink their rate structures to remain competitive.

Overall, the article's analysis shows that reducing the cost of insurance for young new drivers can have a significant impact on the market, consumers and the insurance industry. It is important that young people educate themselves about their options for reducing costs and that insurers maintain their competitiveness while meeting the needs of this age group.