subject: Lower Auto Insurance Costs for Your Teenager [print this page] Do you remember how excited you were when you were a teenager and just about to get the keys? That's how your kid feels at this moment. While it sure feels great to see how your children have grown up, it is also difficult to just let them go and drive. It is healthy worry, and yes, car insurance will cost you.
Car insurance companies usually charge more for teenagers compared to adults; not necessarily because the companies are evil, but because the statistics show teenagers tend to get into more accidents. Higher insurance premium means it costs more for you and your teenager (in case he or she is contributing). But there are ways to lower the rate.
Instead of buying a new car for your teenager, consider adding your teenager to your policy. It is much simpler to do things this way and less expensive for mom and dad. In addition, raise the deductible for your teenager and the premium will go down. If you see a deductible of $100.00, why not raise it to $500? Compare how much the premium will drop and go for the cheaper option as long as you can cover the deductible
Also, there may be unnecessary options in the contract. For example, if you are already an AAA member and planning to include your teenager, you may not need another 24-hour roadside assistance service from the insurance company. This is not to say cut off all the extra services. After all, the purpose of being insured is to prepare for unforeseen circumstances.
Good grades actually pay off. If your kid is getting straight A's or even B's, there's high chance he or she may be eligible for discount. Usually the hurdle is GPA 3.0, but it may vary among insurance companies.
Finally, it's a good idea to include your teenager in all this decision-making process; it will make him or her feel like a grown up, and be more responsible
Lower Auto Insurance Costs for Your Teenager
By: Todd Clay
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