Do you have a teenage child that is ready for driving on their own? I know that we wish they could remain teenagers and continue to drive with us with a learners permit, but they can't and certainly, they won't. I know it's such an exciting time for teenagers when that time arrives. Unfortunately it's a very scary time for us parents. You know how much worrying goes into their safety because they don't think about it. So with that said at least you can save some money on the car insurance premium in the mean time and here a few tips on how you ca do that.
If you are financially fortunate that you can buy your child their own car you still might want to consider what type of car you buy. I know how important it is for teenagers, especially teenage boys, to look good and cool in that sports car but it's a kind of car that has a high theft rating and that will cost you a whole lot more to insure it than say your moms mini van.
Most insurance companies offer discounts for student drivers. Now with that said it mainly depends on the parent or parents policy and if they have bundles another types of insurances with that company. Another thing that plays a serious part in getting discounts is the fact that your child getting good grades in school and attending a certified driving defense course and professional lessons.
So unfortunately with the scare for parents that their kids are inexperienced drivers and we have so much to worry about that matter, fortunately there are a few ways to curb the pain of the higher insurance premium that we have to contend with. Yes, even though you make your child get a job first to prove some responsibility and perhaps contribute to the cost of insurance, you know that the financial responsibility still lies upon you.
So here are some tips, and some ways that can help reduce the cost of the auto insurance policy for a teenager:
1. Raise the deductible: If the deductible is $500, then raise it to $2,000 or an amount that results in a comfortable payment. Just keep in mind that if an accident should occur, it is important that the deductible is one that can be paid.
2. Good student discount: When students carry a certain grade in school, the insurance company will apply a good student discount. This does require bringing the teenager's report card to the insurance company each time it is received to ensure the discount can stay.
3. Make the teenager the primary driver on an older vehicle, which is usually the cheapest vehicle. Insurance tends to be more expensive if the teenager is the primary driver on the most expensive car.
4. Take a defensive driving course: If the student takes a driving course and provides proof that to the insurance company that they passed it, then the insurance company will apply a discount since that makes the teenager less of a risk behind the wheel.
5. Buy the teenager a cheaper car: Sometimes it is feasible to buy a cheaper car for the teenager to use until they turn 18 or the age in which insurance premium will go down.
Try to purchase a car with a high safety rating. Did you know that the safety rating has a lot to do with how much the premium is on a car? The lower the safety rating the higher the insurance. A car with a great safety rating will be cheaper. Be sure to shop around and compare insurance companies and their rates. They really are different. Some companies are cheaper than others, so it is good to get insurance quotes from at least three insurance companies to see which one offers the best rates for teenage drivers.
So, to sum things up, by implementing at least one or all of the above steps, the ability to lower insurance premium can definitely be achieved. Although teenagers tend to be more carefree behind the wheel of a car, that doesn't mean the insurance premiums have to reflect it.
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