So you’ve got a newly licensed driver in the house and you’re bracing for the sticker shock that comes with adding them to your auto insurance policy. The statistics say the risk of crash per mile driven is thee times higher for 16-19 year olds than for drivers age 65-69. But there are some things you can do to save money on insurance rates for teen drivers.
Make the grade.
Many insurers offer a discount as high as 25%, for students who maintain at least a B average. Make good grades a condition of driving so your teen understands their role in insurance.
Keep them on your policy.
It’s usually cheaper to add a teenager to your policy, rather than get them their own policy. Parents need to inform their insurance agent or company that their teenager is being added to the policy. Don’t try to conceal them from your insurance company, that can carry severe penalties and potentially impact your coverage in the even of an accident.
Get some experience.
A formal driver’s training course will probably save on insurance. Many companies offer up to a 10% discount for completing one.
Play stupid games, win stupid prizes.
Traffic crashes, tickets and DUI/DWI’s are bad enough for adults, for a teen driver it can be a dealbreaker. Insurance companies are already nervous about insuring teens, getting into accidents or ticketed may get you dropped altogether. Talk to your teen about the consequences and be sure they understand the impact, not just for safety reasons but for your pocketbook also.
Drive car the insurance company likes.
Cars that are considered “high performance”, cost a lot to repair or are a favorite target to thieves will cost you more for a teen to drive. Consider getting a quote on what it will cost for your teen to drive it before you buy them a new car.
Safety features save lives and money.
Don’t assume the old clunker your parents made you drive is the best idea. Newer cars with safety features get discounts that add up when adding a teen driver.
Rates can vary by hundreds of dollars when it comes to teen drivers, some companies have a better appetite for them than others. If you can afford it, get a higher deductible.
Insurance safety programs.
Some insurance companies such as SAFECO offer technology to help parents track teen driver behavior such as GPS to record where a car is driven and how fast. American Family partners with a company that installs in-vehicle cameras to monitor driver behavior.
At Get Insured Quick we specialize in searching dozens of carriers to find you the absolute lowest rate on insurance for your teen driver. Hit the get quote button to find out how much we can save you today.