Save on Car Insurance for Young Drivers

When your child gets their driver’s license, many frightening thoughts probably enter your mind. First, you are worried sick about the safety of your child on the road. Second, you know that car insurance for teens isn’t cheap. No matter how good of a driver you are, when you add a teen to your auto insurance policy, it is bound to increase dramatically. Since auto insurance for youth drivers is mandatory, it is a good thing that there are ways to offset these costs. At PaydayLoansCashAdvance, we are here to help. We have compiled a list of the best ways that you can save on car insurance for teens.

Increase Your Deductibles: One of the simplest ways to put more money in your pocket every month is to increase your deductible on your comprehension and collision coverage. Sure, you will have to pay more out of pocket should your teen get in an accident; however, the chance of that is better than the guarantee of paying a substantial amount more every month, whether your teen gets in an accident or not. A deductible of $1,000 is the perfect balance because you can save money on your premium while still keeping your out-of-pocket expense at a reasonable amount.

Ask for Discounts: Believe it or not, there are actually quite a few discounts that you can get on car insurance for teens. If your teen has been driving for a little while and has not had any accidents, you can probably get a good driver discount. Students with good grades can also get a discount if you show their report card to the insurance company. Additionally, if the car your teen drives has any extra safety features, such as anti-lock brakes or airbags, you can also get a little money off your premium. Remember, the key with discounts is that you usually have to ask for them. It never hurts to ask and the worst thing that can happen is that the insurance company says ‘no’.

Compare Rates: Not all car insurance for youth drivers is created equal. You may like your insurance company for your insurance, but there may be a better one out there for your teen. Call around and compare the rates. Every insurance company uses a different magic formula to compute the rates and you may be pleasantly surprised. However, it is important that when you are comparing rates you make sure the coverage are exactly the same. If one company seems much cheaper than the rest, it is probably because the coverage is not as extensive.

Consider the Car: Most teenagers want the coolest looking car around (perhaps a red sports car), but this does not make for the best auto insurance rates. Instead, have your teenager drive a more practical car. Not only will it make your premium less expensive, it will probably help your teenager drive safer because there will be less temptation to speed. If you want to save even more money, have your teen drive an older car that only requires liability insurance.

If Ticketed, Be Responsible: If your teenager does get a ticket, you may think that you are doomed for high auto insurance rates forever. However, that is not always the case. Have your teenager pay the ticket right away and it will not have as much of an impact. Another option is for your teen to attend a traffic school to get the ticket eliminated off his record completely. Keep in mind, though, that this option can only be used once, so you better hope your teen learned his lesson the first time. Some auto insurance companies also offer accident forgiveness for a small monthly fee. If you are worried about your teen causing an accident, this is a great option for peace of mind. It ensures that the first accident your teen causes will not make a difference on your monthly premium.

Teach Good Driving: In order to have the cheapest car insurance for youth drivers, the best thing you can do is teach them good driving habits from the beginning. If they get in fewer accidents, your rates will be lower. The longer they can keep a clean driving record, the more discounts they will qualify for. Even though it can be very scary, invest an ample amount of time driving around with them before they ever get their license. Teach them every little rule and trick you can think of. The time invested will be well worth it in the long run. And remember, the best way to teach a teen is by being a good example yourself.

When your teen becomes a driver, you have enough worries. Your car insurance rates should not be one of them. Car insurance for teens does not always have to cost an arm and a leg. If you invest some time in your teen and do a little research, you will be surprised just how much money you can save. If you are worried about your teen being motivated to drive safely, make him responsible for paying his own insurance premium. He will quickly realize that there is a lot he can do to keep his auto insurance rates down.

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