Statistics show that teenage drivers are more likely than drivers of other age groups to be in an accident. As a result, auto insurance is expensive for teenage drivers. The bad news is, you can’t escape these extra expenses. However, you can take advantage of opportunities to reduce costs in the following ways:
- Teach your teen to drive. Your children learn by example, by observing and imitating your driving behavior. This means that it is up to parents to teach their children how to drive by setting the best example, making sure teens know and obey all the rules of the road, and making sure they are doing the right thing. can happen if they disobey them.
- Invest in driver training courses. In addition to teaching by your own example, it’s a good idea to enroll your teen in an advanced driver education course. It would be an additional cost program that goes beyond the state’s minimum requirements to pass a driving test and a driving test. Give your teen the opportunity to develop advanced skills in a controlled environment where they can learn from their mistakes before they hit the road.
- Bundle policies to lower rates. Before you begin your search for insurance, keep in mind that most insurance companies offer discounts for bundling your auto, home, and life insurance policies with the same provider. If your family has not yet consolidated their policies with one insurance company, now is the time to consider doing so to offset the additional costs of adding a teenager to your coverage. ‘car insurance.
- Comparison store for the best rates. As with any other purchase, it’s always a good idea to compare insurance policies to find the best rates. Start with your family’s current insurance company, apply any teen driver discounts that might be available, such as good grades, a clean driving record, or any advanced driver training course, then purchase identical coverage. from other insurers.
- Put your teenage driver on family policy. Once you have determined where you can get the best rate and whether it makes sense to bundle all of your family’s insurance policies with this one provider, you should add your teenager to the family policy rather than purchasing a policy. separate for your son or daughter. By placing your teenager on the family insurance policy as a covered driver, instead of purchasing a stand-alone policy, you can save money because all available family discounts will apply to the teenager as well. Additionally, you should see if your child can qualify for an occasional-use or pleasure-only driver discount. Adding a teenager as a primary driver costs extra money.
- Assign your teenager to the cheapest car to insure. If your household has multiple cars and you have a multi-car discount, be sure to assign your young driver to the cheapest car to insure. In most cases, this will be an older model, with a smaller, less powerful engine, and a 4-door sedan or station wagon-like body.
- Increase your deductible or remove your coverage. If you’ve followed the steps listed above, but the insurance is still too expensive, you can increase your deductible or drop the coverage to lower the rate. Of course, that means you take additional risks in the event of a collision. A higher deductible means you’ll have to pay more out of pocket in the event of an accident, and removing coverage means you’ll have to pay all repair or replacement costs out of pocket if the car is destroyed. .