Young drivers car insurance (aged 16-24)

Yes, if you have a long, clean driving record and have a history of insurance, then car insurance should go down more dramatically once you hit age 25. Drivers under 25 are typically seen as high-risk. But, also know that if you're just starting to drive at age 25 you will be listed as a first-time driver and will pay more for car insurance than other more experienced 25 year-old drivers.

A young driver's car insurance can be 4-5 times as much as a driver with more experience. But car insurance is made up of many factors that affect your premium other than your age, including the car you drive and where you live.

If you can, use your parent's policy to pay the least amount of money for insurance. Otherwise, customize your policy to suit your needs, such as increasing the deductible, lowering your third-party liability, or dropping collision coverage. Be sure to understand your risks before reducing your coverage. Ask for discounts, try usage-based insurance, and definitely take a driver's ed course.

The cheapest companies are likely the ones that offer usage-based insurance, including Allstate, Belair, CAA, Desjardins, Intact, Onlia, and TD insurance.