Having a teen driver in the house is enough to increase any parent’s stress and anxiety. Searching for quality, affordable car insurance for that teen can certainly add to that stress. But there are many ways for parents of teens to save on car insurance without sacrificing on quality coverage.
STATISTICS, NOT STEREOTYPES
Teens have a bad reputation for being bad drivers, and that stereotype is well supported by some pretty staggering statistics.
- Auto accidents are the number one cause of death for teenagers in the United States.
- Drivers between the age of 16 and 19 are three times more likely to be involved in a fatal crash than drivers 20 years and older.
- Auto accidents involving teens cost an estimated $34 billion each year when combining medical expenses, property damage, and other related costs.
For all these reasons, parents can expect their premiums to rise when adding a teen driver to the policy. However, there are some things parents can do to save when their teen begins driving.
CHOOSE THEIR CAR CAREFULLY
One of the most critical factors that will determine your teen’s insurance rate is what type of vehicle he or she will be driving on a regular basis. Insurers will consider the safety of the vehicle as well as how likely that teen is to get a traffic ticket.
- A car with better safety features such as daytime running lamps, side-impact airbags, and good crash ratings can help lower your premium.
- Sports cars or vehicles that are historically stolen more often will yield higher rates.
- Ask your insurance company which factors of vehicle type they consider to be safer to help you choose an appropriate car for your teen.
ENCOURAGE YOUR TEEN TO GET GOOD GRADES
Statistics about teen drivers don’t always have a negative connotation. Teen drivers who excel in school are less likely to get speeding tickets and be in wrecks. By showing your teen is responsible in school, you add to their credibility as a driver and can likely catch a break on premiums.
BUNDLE ALL YOUR POLICIES
Typically, parents can get a discount on their insurance premiums by bundling their policies. This is particularly true when bundling several types of insurance (homeowner’s, personal property, auto insurance, etc.) with one company.
Many customers can get discounts for staying with a company for a number of years. Often times, these bundling and loyalty discounts can help absorb the premium increase you’ll incur by adding your teen driver to your policy so you don’t have to give up your cheap car insurance entirely.
BE SMART, NOT CHEAP
While it may be your goal to focus on finding cheap car insurance for your teen driver, it’s important to not sacrifice quality coverage during the teen driving years. Because teens are more likely to be in an accident, parents should seek quality, comprehensive coverage to protect the family from unexpected financial burdens in the event of an accident.