New Teen Driver? Where To Find The Best Insurance For Teens
Having a teen driver in the house is a monumental occasion
. You may find yourself lying awake at night, worrying over whether your 16-year-old driver will make it home safe.On top of that, you also have to factor in the financial burden of paying for another car insurance premium under the same roof. Many parents of teenage drivers are unpleasantly surprised to find that teen car insurance rates can be at sky-high at a minimum.
Is It Possible to Save Money on Teen Car Insurance?
If you want to keep monthly car insurance affordable, its time to begin the search for the best insurance for teens. Parents paying for teen car insurance for the first time may be met with rates that will take their breath away, racking in at close to $3000 for one year of coverage, depending upon the provider.
Fortunately, there are ways to save money on teen car insurance with several helpful guidelines you can use on your insurance search:
1. Request a student discount. If you want to save money while staying with the same insurance provider, request information about a good student discount. Many insurance agents will happily offer an extra discount for students with good grades, normally above a 3.0 average. In order to be eligible for this type of immediate auto insurance discount, you must have your teens most recent report card available. If your teens grades are struggling, you can always apply the discount when their next report card comes in.
2. Share a vehicle. Although most teen drivers will groan at the thought of having to share a car with their mom or dad, driving a joint vehicle will help to save money on monthly Austin car insurance. In this case, an insurance agent is likely to provide you with an immediate discount if your teen can be listed as a secondary instead of a primary driver. This is a policy change that should be brought to the attention of your insurance agent right away since it may not be applied automatically.
3. Increase the deductible. This is a touchy subject since 16-year-old drivers have the highest crash rate out of any driver age group. If you worry about your teen getting into a fender bender, keeping a low deductible may be your best bet since you will have to pay the money out-of-pocket before insurance coverage kicks in. However, if you have extra money in savings and trust your teens driving, raising your deductible to as much as $1000 will lower your monthly premium significantly.
The Best Way to Save on Teen Car Insurance: Compare Rates
Even taking into account the many discounts listed above, the only proven way to save money on teen car insurance is by comparing providers.
Each insurance company uses its own individual database to plug in potential client information to provide a quote. Meaning, the quote given to you by one company may be considerably lower or higher than a quote provided by another agent. By taking the time to do your homework, you can reduce costly teen car insurance rates by hundreds of dollars a year!
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