Parents of newly minted drivers have much to fret about, with research showing that concerns about teen driving top all other parental worries. In addition to lost sleep, count on significant additional expenses, too. Parents can expect their auto premiums to nearly double when adding a teen driver, because 16-year-olds are nearly 10 times more likely to get into accidents than other drivers, according to the Insurance Institute for Highway Safety.
You can impact these expenditures and still maintain good coverage with these ten effective ways to control teen auto insurance costs:
- Add your teen to your policy rather than buying separate coverage. The premium rates will typically reflect a combined history of all drivers on the policy.
- Unless your teen drives an insured vehicle more than anyone else, you will save additional money by designating her an “occasional driver” rather than a principal driver.
- Insurance costs will be far higher on new and sporty cars, and higher on two-door cars than four-door cars.
- If the car is more than six or seven years old, consider buying liability insurance but not collision or comprehensive insurance, or at a minimum get a high collision deductible.
- Get plenty of liability coverage, at least 100/300/50.
- If you don’t already have one, get an umbrella policy which adds at least $1 million to your auto or homeowner’s liability protection. It’s comparatively cheap insurance, and it’s frighteningly easy to run up seven-figure medical and legal costs with catastrophic crashes.
- Recheck your rates frequently. Many rates for teens drop every six months to a year.
- Some insurers will give a discount if your child has a “B” average. Ask.
- Some insurers offer discounts
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