Teen Driver In The House: Smart Ways To Lower The Cost Of Car Insurance
When you have children, before you know it, it is time to add your teenager to your automobile insurance plan. For sure, your premiums will increase when that time comes. Here are a few smart ways to help lower the cost of the premiums.
Choose a Good Car
Purchase a safe car for the teenager to drive. This will also let you know your child will be safe on the road. You also should consider the type of vehicle purchased. A high-performance may not be a good choice for an inexperienced driver.
Explore Your Options
It may be cheaper to add your teen driver to your current automobile policy instead of having a separate policy. Indicate the cheapest vehicle on the policy for the teen as the principal driver.
If you child is driving a newer vehicle, raise the comprehensive and collision deductibles to a minimum of $500 to $1,000. This is a good idea for any driver, but it is a good idea to consult an insurance agent to verify the amount of the deductible for your vehicle.
If the car is older, it may be a good idea to drop comprehensive and collision insurance coverage. Check the Kelly Blue Book value for the car. In many cases, the vehicle may not be worth much more than the deductible amount. The premiums may be costing your more than you can recover from the insurer.
Discounts
Some companies offer discounts for students with a 'B' grade average in college as well as high school. This will save you money as well as look out for your teenager's future. Discounts may also be available for students that complete driver safety programs.
When your teenager advances to college, the agent should be notified if the school is at least 100 miles away from home. You should receive a reduction on your premiums but still maintain coverage on the car when the child comes home during school breaks.
If the teenager doesn't acquire a lot of miles annually, a discount may also be applied.
It is up to the parent to set the ground rules and educate the teenager on safe driving practices. If you are a good role model, the teen will probably learn from the example given. Shop around to find the best insurance quote. However, don't sacrifice the coverage to receive a cheaper premium. You need to be sure your teen driver is covered for any unforeseen accidents. Contact a company like Insure With U.S. for more information.