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Did your teen driver just recently get his or her driver’s license? If so, you are probably wondering how you can get your teen insured without going broke! Every parent is scared about seeing his or her child on the road, but the cost of insurance premiums can be even more frightening.
Add Your Teen to Your Policy
Although you may be planning to have your teen pay for his or her own car insurance, it will save your teen some cash if you put him or her on your policy. If your teen gets a separate policy, he or she will be considered the primary insured and will pay higher rates due to lack of experience. If your teen is on your insurance, your rates will certainly go up but not by as much. In addition, if you are adding your teen’s car to the policy, you may qualify for a multi-car discount that will help reduce the costs further. Since the premium or each car will still be broken down on your policy, you will be able to easily see how much your teen has to pay toward the premium payments.
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Choose Cars Wisely
The type of vehicle your teen drives will have a great impact on the cost of his or her insurance premiums. Older cars tend to cost less money. Similarly, you should avoid sports cars, luxury cars, and any type of car that utilizes expensive parts. The less it will cost the insurance company to repair or replace the vehicle, the less the insurance premiums will be.
Take Driver’s Education Classes
If your teen takes driver’s education classes, he or she may qualify for lower car insurance rates. This is because taking these classes gives your teen more driving experience and guarantees that your teen has received the proper instruction. Depending upon the state in which you live and your insurance company, taking these classes may or may not help keep your rates down. Therefore, it is a good idea to contact your agent before enrolling in order to find out if it will affect your rates.
Having a teen driver in your home can be frightening – and receiving your insurance bills can be even scarier. By taking a few steps, however, you can lower the premium rates and make paying them a little more manageable. Although your rates will still go up, you might just have a few less gray hairs.