1 in 5 of 16-year-old drivers has an accident within their first year of driving. They are inexperienced. They have no driving history, no credit report, no continuous record of coverage — none of the reassuring factors insurers like to see as they consider how to price car insurance for new drivers.
Perhaps your teenager just passed her driving test and is now a G1-licenced driver. Or maybe your son is coming home for the summer with a G-license. Whatever the situation may be, chances are, they are insured under your vehicle policy.
Getting your Young Driver Insurance
- Adding one or more young drivers
Automatically, you can usually expect an increase in premiums by adding another driver to your policy. With the exposure a new driver brings, your insurance company will do an assessment to see what kind of increase you can expect. Regardless of the additional cost, it’s a good opportunity to teach your child responsibility and you may want to consider having him or her pay the amount of the premium increase. - Age matters
Age — and experience — matters when it comes to just how much of an increase you’ll see in your rate. A driver who is 16 to 24 will automatically cost you a higher premium. A child who is 25 or older will be added as a secondary driver on your policy, and his or her driving record and experience will be assessed when determining the type of increase you can expect to see.The key factor is your teen’s driving record/age ratio. A 25-year-old driver with a clean driving record will cost you substantially less than if he or she were 24 and had the same clean record. Also, if your son, for example, is a part-time driver of your vehicle, the cost will be incrementally less than if he is a full-time driver, as stated on your policy.
- Your child’s driving record
Does your young driver have a few speeding tickets on her record? If she is added as a secondary driver on your policy, her spotted driving record could cost you a 10-star policy rating, regardless of her age. - Teaching responsibility
If you do have a bad driver under your roof, take charge. Don’t let their bad habits ruin your hard-earned good standing with your insurance provider or your star rating. If you are inOntario, you must have all drivers who reside under your roof and use your vehicles on your policy — but there’s an exception to this rule.The OPCF 28A is a form you can add, excluding your child from your insurance policy. You will have to sign the document stating that your child is in your household but not driving your vehicle, thus helping protect your rate and your star rating.
How We Can Help
SAVE 10% upfront on Insurance for Young Drivers
We’re all about encouraging safe driving, and with good reason – young drivers have more accidents. This is what makes insurance for young drivers more expensive. So if we can help our community of young drivers stay safe on the road, we can reward them with savings on their auto insurance with Ingenie. We’ll send you an Ingenie Smartbox for you to install in your vehicle – it’s quick and easy. The Smartbox sends us information on how you’re driving, so we can treat you as an individual and reward you for driving well. The Ingenie Smartbox you install in your vehicle records speed, acceleration, braking and cornering. We also collect data on your vehicle’s GPS location. Using the Ingenie Smartbox, we build up a picture of your driving style – including your speed, acceleration, braking and cornering. We review your billing 3 times a year based on how you’ve driven – so if you drive well, you’ll pay up to 25% less. Call and speak to a insurance broker in our personal lines department at (905) 643-8000 or email us at info@cancelledinsurance.ca
