Just when you thought that life with a teenager could not get any more challenging, you called your insurance agent to find out how much it would cost to put your son or daughter on your family policy! After all, if your kid could drive, then at least you could get a break from some of the carpooling you have been doing for the last sixteen years. But then the bad news comes. Many parents find that their nice, solid car insurance company wants to double, or even triple their rates just because they want to add a teenager to the policy!
Well, you can do a few things to ease the pain. For one thing, do not assume that your old car insurance company is giving you the best rates out of loyalty. They have formulas for calculating rates, and most of the time, those formulas do not include a loyalty discount. Some car insurance companies are a bit friendlier to teenagers though, and here’s what you can do to find them. The problem that insurers have is that a new driver does not have their own driving history, and so they must use the history of the age group as a whole. Younger drivers are, of course, inexperienced. Companies also view them as more reckless, and this judgement falls harder on boys then girls.
First, explore discounts for approved driver safety courses. These courses work well for new drivers, and they work for experienced drivers! Discounts vary, but that is one simple way to earn a sizable discount, often 10 percent or more!
Next, it would be a good thing if your teenager was a good student. Many car insurance companies offer a sizable discount for students who keep up a good grade average because their statistics show that young people who are responsible about one area of their life tend to be responsible about their driving. A B average or better is usually required for the discount.
Think about the type of car your kid will drive. Insurers also base rates by the type of car because some cars tend to be more expensive to repair, and other cars just tend to be involved in fewer accidents. Additional safety features and anti-theft devices also get considered.
If it is just too expensive to have your teenager drive you brand new car, you may want to consider another option. An older car, that only needs liability insurance, should be less expensive to insure. Some insurance agents tell their customers to buy a used car for the teenager, and then specify that the kids will only drive that car. Sometimes, a used car payment is less then the increase in car insurance on a brand new car that needs a comprehensive insurance policy.
Of course, now that your teenager has a driver’s license, a car, and car insurance, it may be time to suggest that they find a job to pitch in for car insurance, repairs, and gasoline. If that is not possible, perhaps they can perform some of the chores around the house that you had been paying for like getting the yard mowed, cleaning the gutters, or they could prepare dinner instead of taking the family out to eat.
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