If your teenager is about to start driving, you're probably concerned about how much their insurance rates will be. Since teen drivers don't have a lot of experience on the road, they're more likely to get into accidents, and they present a major risk to insurance providers.
So what can you do to control costs? For starters, adding a teen driver to your current insurance policy will be much cheaper than buying them a separate policy. But an inexperienced driver can still lead your costs to skyrocket by $1,000 or more over the course of a year. Here are five steps you can take to reduce costs.
Studies have shown that students who have good grades are less likely to be involved in auto accidents when compared to students with bad grades. As a result, many insurance providers will offer a discount to teens who have a B average or better. You may save between 10% and 25%.
Auto insurance rates are partially based on the safety statistics of the car you drive. Although many teens would prefer to drive a fast, sporty car, the safer the car, the cheaper it will be to insure. The Insurance Institute for Highway Safety Keeps can provide you with data on different models.
Young drivers who take driver's safety or defensive driving courses may qualify for a discount. The course will probably need to be approved by your insurance provider, so contact them before your teen enrolls.
Perhaps the most important step you can take is to encourage your teen to respect the rules of the road, so they can stay safe and avoid accidents. Even a minor accident can raise your insurance rates.
Different insurance companies will have different rates for young drivers. Although one insurer may have offered the best coverage option for you and your spouse, you may need to switch to a different provider in order to make your policy affordable now that your teenager is driving.
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