Infoineed.com
When teenagers get their driver’s license it can be a thrilling and exciting event. For parents however, it can be overwhelmingly stressful and expensive. Not only are there new costs like cars and gas to consider, but there will be a big increase in your monthly car insurance premiums as well. In order to control these additional costs use this guide to consider your options and save as much money as possible while still keeping your teenager driver safe behind the wheel.
Consider Increasing Your Deductible
With a new teen driver added to your auto insurance policy, your monthly rates might skyrocket. One way to decrease the amount of money spent each month on insurance is to increase your deductible. The greater your deductible is, the less you can expect to pay each month on premiums. This is an especially smart choice if you rarely get into accidents and you believe that your teenager is a reliable driver.
Investigate Good Student Discounts
Call your insurance company and ask them what kinds of discounts are available for high school students. Many companies offer a discount of ten or twenty percent to students who maintain a B average each semester in school. This is because teenagers with better grades are usually more reliable and safe behind the wheel. Consider making a deal with your teenager that allows them to drive a car only if they can maintain a specific grade point average.
Negotiate Multiple Driver Discounts
By adding a new teenage driver to your auto insurance policy you may be eligible for new discounts. Ask your local agent what options are available. Common choices will include a multiple driver discount or a multiple car discount if you allow your teenager to have their own vehicle.
Encourage Responsibility in Your Child
Turning sixteen is not a guarantee that teenagers are allowed to drive or have their own car. Even passing the driver’s license exam does not mean that they are allowed by their parents to get behind the wheel on a regular basis. As parents, it is important that you teach your children to be responsible, follow posted signs and obey the letter of the law before trusting them on their own on the roads.
Buy Them a Safe Vehicle
Auto insurance can vary drastically in price depending on what kind of car your teenager will be driving. Although they might be interested in a sporty convertible, keep in mind that faster cars are often more expensive to insure. Discuss what kind of car will appeal to them but still keep your premiums in a reasonable range.
Encourage Safety Classes
Although some states require teenage drivers to attend safety classes, it is not required across the country. However, taking safety classes, defensive driving classes and drug and alcohol awareness classes can all contribute to a lower monthly insurance payment. Find out if these kinds of classes are available in your area and encourage your teenager to enroll in one or more of these them for personal safety reasons as well as reduced insurance rates.
Following as many of these suggestions as possible, parents can save a significant amount of money in insurance cost for their teenage driver. It is possible to save money and still keep them safe behind the wheel.
Please feel free to leave your comments and suggestions below.
