First-time driver over 40? here’s auto insurance.

Many people acquire their license during their teen years. Some take a little longer. For some people, acquiring their license isn’t a necessity, or they’ve been unable to, or perhaps they’ve driven a vehicle in their country of origin, but they’ve just moved to Canada and their driving record hasn’t carried over.

For whatever reason, you’re over 40 and you’re in need of auto insurance.

Being a new driver or being new to driving in a different country can be an intimidating prospect. You have to keep tabs on so many different things, and it’s easy to get overwhelmed. If you’re over 40, you may already have so many things on your plate – a family, a home, a job.

While obtaining auto insurance when you’re a first-time driver over 40 isn’t impossible, there’s some things you’ll need to note about the coverage you require. Panda7 will also supply some tips on how to reduce your auto insurance premium, as new drivers can see inflated rates for the first few years.

Coverage for new drivers over 40

If you’ve just obtained your license as a new driver over 40, congratulations! An achievement is an achievement, no matter what stage of life you’re at. The first thing to note as a new driver over 40, whether you’re new to the country or not, is that Quebec’s car insurance system operates differently than most other province. Like other provinces, Quebec mandates a certain level of coverage. You’ll be required to carry at least $50,000 in civil liability. This is the most basic form of insurance and will cover any property damage that you cause to others while operating your vehicle. There are different requirements for commercial vehicles in Quebec, but let’s start by focusing on personal insurance.

All Québecers are covered by what is known as Quebec’s public automobile insurance plan. This plan is designed to provide compensation in the event of an injury and/or death due to an accident that occurred in the province or anywhere else in the world. With some limitations, tourists in Quebec are also covered in this plan based on their percentage of responsibility in the accident.

Additional coverage may be obtained separately. Those can include coverage options like collision and upset and comprehensive coverage. Collision and upset are optional and can be purchased for an additional premium through a private insurer. Collision and upset covers any damages caused to your vehicle as a result of an at-fault accident involving one or more vehicles, as well as your vehicle and stationary objects, like street poles, fences, and more.

Comprehensive is also optional and can be purchased for an additional premium. There are some exceptions, such as wildlife hitting your car, but comprehensive is designed to cover all damages that are not as a result of a collision. This includes falling objects, theft, vandalism, fire, and hail. So, what’s best for a first-time driver over 40? You should compile a package including all the mandatory coverages in Quebec as well as optional coverages that suit your needs. It’s best to work with an insurance professional to dictate the amount you need. Panda7’s brokers for new drivers over 40 are available to help and can aid in narrowing down your choices.

Car insurance costs for new drivers over 40

Is car insurance expensive if you’re driving for the first time as someone over the age of 40? Insurance companies gauge rates by following a system that has been established based on years and years of stats and data from hundreds of thousands of drivers and the different claims that they have received. As it stands, young drivers are statistically more likely to be involved in accidents than older drivers. Young drivers essentially have a fatality rate that is more than three times higher than individuals age 35 to 45. So, older drivers may not be charged more based on their age.

They will, however, see higher rates due to the fact that they don’t have a longer license or driving history as compared to other drivers. A person who has carried their license with them from age 18 through to 40 may pay much less than a driver who just received their license at 40.

So how do we combat this? We can’t go back in time and get our license earlier.

Panda7 has a few tips to lower your insurance rates as a new driver over 40:

• Take a driver’s education course. These courses have a lot of value and can refresh or teach brand new driving skills which will hone your edge, keeping you calm while behind the wheel of your vehicle. Approved courses can also save you 10-30% on your insurance.
• A letter of experience. You can ask your previous insurance provider from your country of origin to arrange a letter of experience which will outline the years of driving you did, as well as your claims history. If your claims history was satisfactory, your new insurer may treat you like an experienced driver and not a new one. Letters of experience may only apply if you’re coming from another country that has a “like” driving system as Canada.
• Raise your deductible. A higher deductible can result in lower premiums, so long as you’re comfortable with the amount you’ll be paying out-of-pocket. You can up a $250 deductible to $500 or more to receive a sizable discount on your insurance premiums.

Insurance premiums are higher for new drivers because data shows that experience pays off. Drivers are more likely to be involved in an accident in their first few years of driving, regardless of their age.

While getting your license is certainly an exciting event, understanding how to manage your insurance as an older, inexperienced driver is a great way to enjoy affordable coverage. We hope that this article on first-time drivers over 40 and car insurance gave you some insight. Call a Panda7 insurance broker or get a free auto insurance quote with us today to see how we can do more for you.