How to Save on Teenagers' Auto Insurance
When searching for auto insurance for a new teenage driver
, finding coverage is not usually the problem - unbelievably high insurance rates are. How could teenagers' auto insurance be 3 times or more expensive than standard policies for adults? It's simple to understand - Teenagers are grouped in the highest risk insurance category due to the excessive number of crashes they are involved with each year, an amount far higher than any other age group. Teen drivers are simply the least experienced drivers on the road, are distracted quite easily, and lack the maturity to react effectively in many hazardous conditions.It's important to the family finances to save as much as possible on insurance premiums, especially with teenagers' auto insurance. Annual premiums for this group average over $3,500 in the United States. In populated cities, and areas of high rates of accidents and auto theft, rates can be even higher.
Here are some helpful tips for bringing down the excessive cost of auto insurance:
1. It's wise to start with your family insurance agent and get a quote for adding the teenager to your existing policy, and a separate one for the teen - it makes sense to compare. The best option should be easily determined. Generally, it is less expensive to cover the teen on the family plan. Most insurance providers offer discounts for covering multiple cars, which can add up to 10% or more. There are often discounts available for insuring multiple lines, also - another potential 10% savings.
2. Insuring the young driver for an older car (paid off), allows the flexibility of increasing deductibles and possibly dropping collision and comprehensive coverage to save money. Avoiding vehicles with riskier ratings for repair costs and theft can also reduce premiums. When deciding which car the teen will drive, avoid luxury vehicles, high performance cars, large sports utility vehicles, and small light cars offering little damage protection. Insurance on these vehicles is more costly.
3. Request all possible discounts from the insurance company. If your vehicles have safety features such as automatic locking seat belts, abs brakes, anti-theft devices, multiple air bags, etc., most insurers offer discounts. If your teenage driver is a good student with a minimum "B" average, they will probably qualify for the Good Student Driver discount - possibly 10% or more. The teenager should also consider taking a driving course offered in your area. Successful completion will also qualify them for discounts with most insurers.
4. Prioritizing and maintaining a good driving record will keep rates from increasing and possibly save money. Parents can help by setting a good driving example, and spending the necessary time training the teenager to be a good driver. There are also resources online to assist with this process. Some major insurers offer web-based programs to help educate developing young drivers.
By following these strategies, you will help develop a great driver, and save money on your teenager's auto insurance coverage.
How to Save on Teenagers' Auto Insurance
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