Parents, let’s face it. Sooner or later our kids will want to become drivers. It doesn’t matter why they need a car- to go to work or because all their friends already have cars. The reality is you will have to pay a small fortune to have your young one covered. The reason is that teens are more likely to get in an accident because their lack of experience.
When you start shopping around for car insurance, don’t settle for the first quote you are given. Shop until you drop. Speak with your insurance agent then go online to websites like eSurance.com, InsureMe.com or to the websites of each of the main insurers and fill out their online forms. Within minutes you will have the insurance companies literally fighting for your business.
One thing to consider is the type of the car your teenager will be driving. Are you thinking about buying a new one? It is not always worth it. What insurance companies value is a car with a lot of safety features like anti-lock brakes, anti- theft devices and air bags. Good news is most of the cars that have been manufactured within the last 10 years have them installed. So your teenager son or daughter may be better off with your old car.
If the car your teen is driving has an alarm you can shave off an additional 10% on your premium. The reason is that the insurance companies think that your car will not be stolen and they take less risk with you.
Another way to reduce the amount you pay to have your teen covered is to enroll him/her into a driving school. Before you do so, call your insurance broker to find out which ones in your area are licensed.
The safety features are a direct way to save money on car insurance for teenagers. There are some indirect ways too. Accident-free driving is one of them. The more your teen drives without an accident, the more the insurance premium will go down. And what is even more - some insurance companies will reduce your deductible with $50 per year for each year you stay accident-free up to $500, which is a significant saving.
The car insurance rate for your teenager can also go down if you add him/her to your policy. The reduction will not be big but it requires nothing in exchange to get it
Just be prepared to spend more when it comes to insuring your teenage son or daughter. It is inevitable because of there lack of experience as a driver. You can’t do a lot about that (getting a vehicle with more safety features and adding the young driver to your policy are proven ways to get a cheaper premium). There are many things that can be done, though, to ensure that in future your young driver will be getting better rates on car insurance like enrolling your teenager son or daughter in driving school. This will not only save you money in the long run but will also give you a peace of mind that your teen is safe on the road.
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