Dr. Bob Wood's expert advice on the best car insurance for young drivers.

Posted on November 7, 2023 by MCOB Outreach
MCOB Outreach

Dr. Bob Wood, MCOB professor of Finance. data-lightbox='featured'

MCOB professor Dr. Bob Wood talks about how to obtain the best car insurance for young drivers at the most affordable rate. Dr. Wood's expert advice can be used to help young drivers find the best car insurance provider for them. 


Here is an extract from his article on moneygeek.com;


"Adding a young driver to an existing car insurance policy with an experienced driver is cheaper. If a young driver doesn't have that option, what are some ways to ensure they get the best rates?

If being added to an existing policy is not an option, there are still a number of ways that a solo young driver can decrease their cost of insurance. First and foremost, a young driver should compare the costs of policies offered by multiple companies. Prices can vary significantly across insurers. Of similar importance is the choice of vehicle — it is less expensive to insure a used “family” sedan than a new sports car.

Many companies offer discounts to drivers who have successfully completed a driver’s education (safe-driving) course and those who maintain good grades. A number of companies also offer a discount for drivers that limit the miles that they drive and offer a discount to drivers using safe driving tools (Drivewise by Allstate, DriveEasy by Geico and others)."


You can read the full article on moneygeek.com.

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