Like most parents who have a teenager, there comes a point in time where they are able, and want to drive. With this new freedom, come changes for both the parent and teenager. More than likely, the arrangement for the teenager is much more favorable toward them than it is for the parents. But as parents, we must find a way.
Just like car insurance for adults, finding an insurance policy for a teenager works the same way. Being that you yourself are overpaying for car insurance yourself, this article can be of benefit in two ways.
Here are some handy things to know when shopping for you and your teenager’s new insurance policy:
Rule number one, get all your discounts. There are many discounts available that people are unaware of, and most insurance agents won’t tell you about. Do your homework on all applicable discounts including: Senior citizens, safety features, good grades, multi car, low-risk jobs, etc. The list goes on and on. Find out where you stand amongst that list.
Do you belong to AAA or any other club or organization? Just as you might have saved $10 on that last hotel stay, you may be able to save a little on car insurance. Hey, every little bit helps!
Another aspect to consider is combined insurance. If you own a home, does your insurance holder cover cars too? If they do, and you do not already insure your cars with them, check the rates for coverage. You would be surprised to know how much you can save with insuring moth your home and car through the same insurance company.
A very popular way to reduce car insurance premiums is to take on more risk. By this, it means to make your deductible higher. The higher the deductible, the less the insurance sees it as what the company has to cover.
And yes, the car. What kind of car do you drive? If you are driving a sporty car your insurance rates will definitely go up. And guess what? If your teenager is driving a sporty car, the insurance rates will soar. A sporty car equals bigger risk to insurance companies. Sports cars are known for speeding and inducing risky driving behavior. Couple that already implanted notion with a teenager and you have a recipe for disaster. At least that is how the insurance companies see it. SUV’s and trucks are also a red flag. Not so much as a sports car, but running a close second. If your teenager is looking for auto insurance and driving a SUV or truck, you are asking for a higher rate. These types of vehicles are reserved for the more experienced drivers due to the size and accident rate. High profile vehicles are easy to flip and roll.
Moral of the story is, if you are looking to purchase an auto insurance policy for your teenager, look at your insurance first. Clear up what you can on your existing policy, see where you can provide additional discounts for yourself, and then add your teenager.
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