Why is full coverage insurance so expensive for a 22 year old?

Question by J-Honey: Why is full coverage insurance so expensive for a 22 year old?
My boyfriend is looking for a new insurance agent agent but so far everyone who is has contacted is super expensive. He has a pretty new car with a starter/alarm/sub systems etc. so he needs full coverage. His parents won’t let him get under their insurance for the time being so he’s having a hard time finding a reasonable rate. My parents are considering letting him get under their insurance..is that a good idea?

Best answer:

Answer by pogiguy05
as all insurance companies they look at certain risk factors. Your age group is probably considered a high risk for accidents. There is also a difference between male and female drivers.They consider women drivers as safer than male drivers.

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6 thoughts on “Why is full coverage insurance so expensive for a 22 year old?”

  1. at 22 he’s statistically a greater risk.

    depends on the car as well. ie. if a 22 went out and bought a mini van, vs… a sports car. it’d different. 2 doors vs 4 etc etc.

    might try going with a bigger company. a company that’ll give you a reduction after 6 mo or a year of good driving record etc.

    most auto insurance goes down after 25, and then again at 30 or so. depending on driving record.

    can also look for insurance with a higher deductibe (ie…you get in a wreck that’s your fault…you pay more) to get lower premiums(lower monthly payment).

    if your parents trust him, and he’s a good driver. There’s not too much risk in letting him in under their coverage(if it’s allowed… being unmarried, it may not be possible without lying to them… which would bite you in the a$ $ if something bad happens). And then when he’s older getting his own. but that’s a personal decision between him/you and your folks.

    Also… don’t necessarily go to agents. check websites. online insurance companies etc. Do some web searches for “best online auto insurance”. Etc. work angles. Military, union, religious… see if any club/organization he’s a member of might have some company they do business/have agreements with.

    as a last resort, could pay the un-insured motorist fee(if your state has that) and then just but $ 100 a month or something in a interest baring account in case of accident/damage etc. but you run the extreme liability risk if he causes an accident.

  2. Uh, no. Not a good idea. What will your parents think or feel when he causes a huge accident and your parents are sued? I don’t think they’ll be real happy with your boyfriend. His insurance is so expensive because he’s young and he’s a male. He’s a high risk exposure and more likely to cause an accident. Starter/alarm/sub systems have nothing to do with insurance. His parents probably won’t let him be insured under their policy because it’s so expensive and if he causes an accident they can be held liable and sued. He needs to keep looking. Find an independent agent. They’ll run quotes through several different insurance agencies to find your boyfriend a good rate. He can always increase his comprehensive and collision deductibles. That will save him some money.

  3. It’s all about age and the sins of others. 17-25 year olds will all crash, get a ticket, or do something dumb during that period of time. I know I did and so did all of my freinds. Plus add in what he drives. Anyone under 25 is going to take a beating on a newer car with full coverage.

    He cannot be on your parents insurance unless he lives in your house. Plus they would be dumb to take that risk for a non family member. Who do you think is going to take the beating if something horrible happens while he is driving and it’s his fault. I’m sure compared to your parents he owns nothing of value besides the car.

  4. No! if his parents won’t put him on their insurance then it’s definitely not a good idea that he goes under yours. His insurance rate is high probably because he hasn’t driven more than 5 yrs, so he is considered inexperienced and he might have a ticket or accident that you may not be aware of.

  5. Why it’s more expensive:

    Insurance is a “risk-sharing” arrangement.

    Nobody can afford the costs associated with an accident, and not everybody will have an accident, but nobody knows who will and who won’t.

    So everybody pays a little, then whoever needs it, gets it. Those who are at greater “risk” for causing an accident (young men who drive sports cars, people with a history of accidents and/or traiffic violations), and those with more to lose (more valuable cars, and cars which cost more to repair), pay more than those at lesser risk (mature, clean driving record, good students, etc.).

    Is it a good idea to add him to your parent’s policy?
    Not sure it would be legal — depends on the relationship between him and your parents. The downside would be that any claims made on his behalf will affect your parent’s future insurance rates.

  6. No make him get his own insurance. If you put him under your parents insurance and he crashes, tickets etc all involved can be affected or they can cancel all because of one. 22 year olds are in the group that have more accidents.( By statistics)If his parents wont insure him what does that tell you? Also if his record is messy( tickets, wrecks,etc) in the past that will predict the future. Make him get his own insurance save yourself a big headache…………..md

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