Insuring Your Teen Driver—Without Going Broke!
As your teen anticipates getting their driver’s license, they are likely feeling a range of emotions, chief among them, excitement. As their parent, you probably feel a knot in the pit of your stomach as you worry about whether they will be safe driving solo. You are also probably thinking about the inevitable hike in your insurance rates. However, there are a few things you can do to make the bill more manageable.
Start Your Teen Out on the Right Foot with the Right Education
Not only will knowing the rules of the road keep your child safer in the driver’s seat, but they can also get a discount with some insurance companies. Check with your insurer to see which driver’s ed programs qualify for a discount.
Another discount they can get is for getting good grades. Many insurers offer good student discounts in both high school and college. Usually, a B average is required to qualify. Again, your insurance company can give you the specific details for your policy.
Choose the Right Car for Your Teen Driver
Many factors will go into the car you choose for your teen. Among them, safety and age should be your top considerations. In addition, the older the vehicle, the better the insurance rate your teen driver will get. Therefore, the car should ideally be at least five years old.
And look at the make and model’s safety record. The United States Department of Transportation has an online safety rating search feature to help you find the right car for your teen.
Add Your Teen to Your Auto Policy and Make Some Policy Tweaks
If your teen gets a new policy of their own, their insurance rates could be over $5,000 a year! So although your might cry when you get your first bill, it won’t be near that much.
It would help if you also considered raising your deductibles. This can lower your premiums significantly.
Also, if your teen (or you) gets into an accident or hit someone’s mailbox and no one is injured, try to pay for damages without going through the insurance company. You will save a lot of money in the long run. Any claim against your policy will raise your rates, and you will have to pay the deductible anyway. So save the hassle and the money and pay out-of-pocket if you can.
Use a Trustworthy Independent Insurance Agent
Your insurance agent can save you a lot of money by finding you’re a policy with the most discounts for which your family will qualify. They have access to a network of insurers and can find the right one for you. Also, if you do have to file a claim, an independent agent will see it through with good customer service. That’s why families like yours have trusted Hermann Insurance for over 50 years!