Cost-Saving Tips for Insuring Teen Drivers
by Penny Hagerman
Saving money on auto insurance helps everyone's pocketbook. But
once your teenager gets behind the wheel, all hope of cheap car
insurance rates is lost.
Or is it?
The Low-Down
Here's the bad news: adding a teen driver to your policy
can increase your auto insurance rates by as much as 50 to 100
percent. This is simply because young people often take risks
while driving, and don't have the experience needed to make wise
decisions behind the wheel.
Distraction also causes many accidents and deaths on the road
where young people are concerned.
But there is good news. You can impact those auto
insurance increases--and keep them to a minimum--just by
planning ahead and taking decisive action.
If you and your child are willing to work together to help keep
costs low, you might be surprised the difference you'll see in
your auto insurance rates.
What You Can Do
So what can you do to help keep car insurance rates low?
Follow these cost-saving tips recommended by insurance
experts:
Insure your son or daughter on your auto insurance
policy. It is generally cheaper to add your teenager to your
insurance policy than to purchase a separate one just for the
child. If your child will be driving his or her own car, adding
that vehicle to your own policy also qualifies you for a
multi-policy discount.
Encourage your teen to get good grades and take a driver's
training course. Most auto insurance companies offer student
discounts for maintaining at least a "B" average in school and
taking driver's training courses.
Shop around for the best rates and coverage before you settle
on a new policy. Insurance companies vary dramatically in
their pricing strategies concerning young drivers, so make sure
to compare offerings side-by-side.
Pick a safe car for your teenager to drive. The type of
car a young person drives can dramatically affect the price you
pay for car insurance. A safe, easy-to-drive car poses less risk
to both your auto insurance company and your teenager--and helps
keep insurance rates down.
Inform your insurer if your child is going away to
school. When your young person attends school at least 100
miles away and leaves the car at home, you qualify for an auto
insurance discount during that time, since the risk of accident
is reduced while they're away.
Be a good role model for your teen. Always wear your
seatbelt; follow traffic laws, and remember that children often
mimic what their parents do. The better example you set while
driving, the better driver your teen will most likely
be--resulting in lower car insurance rates.
Encourage safe driving habits. Initiate conversations
about the risks of distractions, drinking and driving, and lack
of sufficient sleep before driving. Discuss with your teen how
using a cell phone, talking to friends or listening to music can
distract the attention and cause an accident, further escalating
auto insurance costs.
Limit the amount of time your teenager may drive without your
supervision. Many states have already reduced their rate of
teen accident by restricting the amount of time new drivers may
be on the road without adult supervision. So take responsibility
for your teen's driving time; you'll help keep your child
safe--and keep auto
insurance rates low.
The Results
By planning ahead and taking decisive action, you and your child
can safely navigate the teenage years and keep auto insurance
increases to a minimum.
All it takes is a little time, effort and--most
importantly--communication!
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