Don’t overspend on your teen driver’s coverage.
Unfortunately, insuring teen drivers is expensive due to their inexperience and reputation for being reckless. However, there are mistakes that parents make that drive up the cost of their teen’s insurance even more. If you do not want to pay more for your teen driver’s coverage, here are some of the mistakes that you should avoid.
- Getting them a Separate Policy
When securing insurance for your teen driver, you have the option to purchase a separate policy for them their own policy or add them to your existing auto policy. While getting them a separate policy will ensure that the premiums on your existing policy will not increase, insurance policies for young drivers carry high premiums because insurers consider teens more likely to get into an accident. While your rates will increase when you add your teen to your policy, this move will actually end up saving you money in the long run. Generally, the premium increase you experience will be less than the cost of securing a totally separate policy for your teen. Additionally, adding your teen to your policy will allow you to access multi-vehicle discounts. So, if you want to save on your teen driver’s coverage, your best option is to add them to your existing auto policy.
- Failing to Use Discounts
Many parents do not realize that their teens can access special insurance discounts. For instance, many insurers offer discounts for getting good grades, driving a car with driver and passenger airbags, driving a car with automatic seatbelts, driving safely for a specific period of time, and taking a driver’s education class. When securing car coverage for your teen, speak to your insurance provider to learn about all the discounts available you may qualify for and make sure that you take advantage of them.
- Choosing an Unsafe Car
As mentioned above, your teen can get discounts on their auto insurance for driving a car equipped with certain safety features. In general, getting your teen a reliable and low-risk vehicle will allow you to access lower auto insurance rates. The lower your teen’s risk for an accident, break down, or another vehicular issue, the lower their insurance premiums will be.
Avoid these costly mistakes when securing insurance for your teen driver. Do you need help purchasing the right auto insurance to fit your needs and your budget? For assistance with all your coverage needs, contact an insurance professional at Westwood Insurance Agency today.