Be Safe and Save on Your Teen’s Auto Insurance
For those parents with teenagers, you may be excited and worried for your children to be on the road. On one hand, they are becoming more independent and can now run errands for you while you look after the younger ones. However, they are inexperienced and are more likely to get into an accident. More often then not, collisions occur because teens have not developed quick reflexes and tend to over correct. Regardless, there are still ways you can save on your premiums and encourage safe motor skills.
Sign Your Teen Up for a Driving Safety Class
You probably already know that companies give discounts for strong academic performance, but did you know they also deduct payments for safety courses? Ask you agent about lower payments in exchange for your child taking an extra driving class. In the eyes of your agency, this gives you teen valuable experience as how to handle dangerous or common situations. Chances are your teenager will only have to devote a few hours a week in exchange for a long-standing discount. Click here to find a local agent to discuss this with.
Put Your Teen on the Cheapest Car
If you have multiple vehicles, put your teen as a main driver on whichever is the cheapest to insure. This probably means that your child will be driving the oldest or safest car. Monetarily, that’s good news for you as a parent. Unfortunately, your teen may not like having to avoid the family sports car, but giving them a cheaper vehicle with less torque is safer for all involved. Additionally, you will save a significant amount of money.
Let the Company Track Your Teen’s Driving
If you trust your teen to drive safely and conscientiously, allow the insurance company to monitor your child’s driving. Companies sometimes reduce monthly payments if the motorist has a history of safe driving. Because inexperienced drivers are beginning to build their motor record, tracking your teen’s habits is a great way to still get those discounts. This helps reinforce good practices and yields savings from 5 to 30 percent. Since policies for inexperienced drivers are always more expensive, this is great news for you as a policy holder. Click here to look for low rates for teens.
Increase Your Liability Insurance
Increasing your liability insurance will not save you money, but it is a massive safety measure you should consider. In the event of an accident, you will be financially responsible for the consequences because it is your child and your vehicle. If you end up in a lawsuit, all of your assets and your home may be fair game, so up your liability just in case. To offset the cost, consider increasing deductibles elsewhere in your policy. Carefully contemplate your teen’s driving habits when deciding on this trade-off.
When choosing insurance for your teen driver, it may be useful for you to consider another agency. Some companies have great deals for experienced drivers, while others focus on young teens and professionals who need good coverage and low rates. Keep in mind that adding a teen to you policy will increase your premium. Do you best to balance quality coverage with manageable payments, so you can save and be safe.