Mortgage And Loan Guide

The parents of children that are about to become teenage drivers often have a lot to worry about. Today's research indicts that concerns with regard to teen driving is at the top all other parental worries. This results not only in the loss of sleep but also in various added expenses. The number one concern is that premiums for auto insurance are bound to nearly double when a teenage driver is added to the policy. This is because those drivers who are 16-year-old for example, have nearly 10 times the chance to get into accidents when compared to other drivers. This is a finding of the Insurance Institute for Highway Safety.

Finding Ways To Control The Cost Of Auto Insurance for Your Teenager

There is a way to deal with these added costs without losing coverage by considering these ten well tested ways to control teen auto insurance costs:
• It is better to add your teenage to your policy instead of being him or her a separate policy. In this way you may derive a rate that is formulated based on the driving history of all those in the family that are included.
• If this teen does not drive the particular vehicle more than others on the policy, you can designate him or her as an occasional driver rather than being a principal driver and thus save on additional premium.
• Remember when buying a car that rates are higher for sporty vehicles or two door cars as opposed to four door cars.
• If you are driving an older car of say six or seven years of use, you may consider buying liability insurance but not including collision or comprehensive insurance. Another option would be to get a high collision deductible.
• Make sure that you include lots of liability coverage, at least 100/300/50.
• It is also a good idea to get an umbrella policy where at least $1 million of coverage is included and added to your auto or homeowner’s liability protection. This insurance is not too expensive, and it’s very easy to run up seven-figure medical and legal costs with major crashes.
• Check your rates frequently to see what is available for the coverage that you have. Quite often the rates for teens can drop every six months to a year.
• Look for insurers that will give a discount if your child has a “B” average. Don’t be afraid to ask.