Why Young Drivers Should Consider an Auto / Renters Quote
Today we want to share a quick savings tip for young people who recently moved out on their own. Young drivers have always had it rough when it comes to finding affordable auto insurance rates. While statistics continue showing a higher risk trend with drivers in their early twenties, there’s something young drivers living on their own can do to further reduce their auto insurance cost. The answer is simple, get renters insurance.
In many cases you can get a renters policy for as little as $70 a month- sometimes less. What they don’t always explain is by purchasing renters coverage; you can earn a 10% discount (give or take) on your auto insurance cost (if with the same company of course).
So if you are a 22 year old and you enjoy driving your sports cars, this may be a step you need to consider. Being a young driver with a high risk vehicle, you may be spending as much as $1,500 per year on auto insurance, possibly more. So with a little math you’ll find that with a 10% discount your annual expense would be reduced from $1,500 to $1,350. Then you can add the renters insurance cost on top of this $1,350. More than likely your bottom line will still be less than $1,500. Not only are you now saving more money on insurance, you have renters insurance protection, a nice thing to have in the event your apartment is ever broke into or a fire breaks out while you’re away.
Having a little extra coverage never hurts anyone, especially if you can obtain it without spending too much money. Comparing quotes has proven to be the best way to get more coverage without spending more money each month. By comparing rates, you can easily find the company who’s willing to provide you with the coverage you need at a price that works for you.