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To save on the cost of the collision coverage on a new driver, consider purchasing a used vehicle that cost between one thousand five hundred and three thousand five hundred dollars. Make sure that it is mechanically sound for your driving needs. If you want to cover this vehicle for theft and vandalism, you can purchase comprehensive coverage. Instead of purchasing collision coverage on this vehicle, purchase uninsured motorist property damage coverage.

Uninsured motorist property damage coverage protects your vehicle for up to a limited amount if an uninsured motorist hits it and you can identify the driver and the vehicle. That way if anyone hits you, even if they have no insurance, your vehicle will be repaired or you will receive payment from your insurance company for the fair market value of the vehicle. Some insurance companies include a deductible with this coverage. Your savings could be anywhere from five hundred to two thousand dollars per year for your first three years of driving. How much does that add up to after three years?

When my daughter turned sixteen this year, I was faced with this dilemma. I own a 2002 Honda Accord and a 2003 Mitsubishi Lancer. My auto insurance carrier wanted to increase my premium by two thousand dollars every six months to add her onto the policy.