How To Save Money On Teen Car Insurance
As a parent of a teenager, you face numerous challenges.
One of the minor ones involves finding affordable teen car insurance. With that in mind, let's look at some viable ways to keep your auto insurance premiums in check with a teen driver.
Saving on Car Insurance for Teen Drivers
To stop your auto insurance premiums from skyrocketing during this period, try a combination of the following money-saving tips.
1) Comparison Shop to Find the Best Rates
With so much competition between car insurance carriers and the ease of obtaining online auto quotes, it's silly not to take advantage of the situation. Some sites allow you to evaluate quotes from multiple providers at once, which speeds the process.
2) Look for Teen Driver Discounts
While online, discover what discounts may be available to your teen. Do this for your current carrier along with other providers. Common teen discounts include those available if the teen:
- Has taken a driver safety education course.
- Is a good student (usually must maintain at least a "B" average).
- Is a low-mileage driver.
3) Add Your Teen to Your Policy
See if it's cheaper to add your child to your policy, or to purchase a separate policy. In most cases, the first option is less expensive. That's especially true if your carrier permits you to assign your teen to the car that's least costly to insure. Then make sure your teen drives that car.
4) Choose a Car Wisely
If your teen will have his or her own car, be smart about the vehicle. Putting a teen behind the wheel of a flashy sports car is just asking for trouble with an auto insurance company.
Instead, opt for a car model with a strong safety record and the latest safety equipment. Even better if the car is a bit boring, like a four-door sedan with a little age. Such cars generally are less prone to theft or vandalism, which should lower auto insurance premiums.
5) Stress Safe Driving
Be sure your child understands that driving recklessly endangers lives. And, that breaking traffic rules or causing an accident could result in a suspended drivers license and even higher premiums.
6) Increase Your Deductibles
Choosing higher auto deductibles carries some risk, as paying a deductible after an accident could outweigh any premium savings you might have accrued prior to that point. But, it's something to consider―and it will lower your premiums.
7) Find Car Insurance Discounts for Adult Drivers
Leverage all the potential savings that may be available to yourself as a policyholder, including discounts such as:
- Multiple-policy (such as auto and homeowners).
- Good driver.
- Safe vehicle.
- Safe driver class.
The Auto Insurance Savings Add Up
By acting wisely, you can potentially cut 50% or more on teen car insurance premiums.
Just don't try to skimp on coverage. With a teen driver, this is when you really need the security of sound auto insurance protection.