- June 6, 2017
- By James Nick
- In Blog
Millennials live in a different world when it comes to car insurance than older generations. Right now, there are many different factors that make that true. For those that want to learn more about the issue, here are seven basic facts about Millennials and car insurance:
- Millennials are usually in debt from college. They’re often overeducated and underpaid, and seeking savings cuts at every corner.Seeing as how cars and car insurance are one of the biggest expenses anyone will pay for in their lifetime, including a house, they are going to be interested in saving on car insurance in Texas.
- Many Millennials are waiting longer to get a car or insurance, and commuting in other ways. They’re likely to be taking the bus or metro, or riding a bike.
- Millennials are less likely to fall for false advertisements. Being highly skeptical, they know how to spot a dishonest claim a mile away.
- When Millennials do find a “good fit”, they usually stick to it and stay loyal.
- Only 64% of Millennials have auto insurance, compared to 84% of older generations. Many even decide to just not own a car. As mentioned earlier, many find other ways of getting around.
- Where you live plays a big part in what you will pay for auto insurance agency. Your rate will differ in, say, Idaho vs. in Rhode Island.
- Millennials are more likely to choose an auto insurance based on word of mouth than older generations.
- Millennials are going to be at risk of high insurance premiums.
Now that you know the basics, if you’re a millennial and you do decide to buy a vehicle and get it insured, you’ll want to keep these tips in mind:
- After you purchase a new vehicle, you’ll want to shop around for insurance within 30 days to keep your credit score from being impacted. The best way to get insurance would be to get quotes without your credit score being run, and to check on sites like 4autoinsurancequote.com. These days, credit scores are very important, and you won’t want to take a ding on yours and not be able to do things like, say, get an apartment.
- Take a driver’s education course to save 10-20% on insurance. That’s a big chunk of money, and saving all that you can is never a bad idea.
- Buying a newer car with safety features may be cheaper when it comes to insurance.
- If you can’t afford that, buy a cheaper and older car.
- You’ll want to stay away from buying a sports car. The more the vehicle is worth, the more it is going to cost you to insure it. While a sports car will be fun to show off and drive around, it will cost you in insurance rates.
- In college? Good grades can help lower your premium, with 10% discounts for a GPA of 3.0 and up. That’s just one more reason to aim for A’s.
We hope you’ve enjoyed these facts and tips about car insurance for Millennials. Thank you for stopping by, and happy driving!