Are you paying too much for your teenage driver’s car insurance? As a parent, finding ways to save money on your teenager’s car insurance is always a top priority. We have 5 tips on how you can lower the rates and get a better deal.
Add your teen to your policy
Adding your teenage driver to your policy is one of the best ways to keep the rates under control and lower your teenage driver’s car insurance rates. If you have a good driving record and drive a safe, reliable car, adding your teen to your policy will help keep their rates down. It will also help you keep an eye on their driving habits.
Require driver’s education
As a parent, one of the best things you can do to lower your teenager’s car insurance rates is to require them to take driver’s education course approved by your insurance company. This could potentially get you a discount on your rates. While it may cost you a bit upfront to pay for the course, it could save you money in the long run. And, of course, it will also help your teen become a safer, more responsible driver. Win-win!
Up your deductible
The deductible is the amount of money you pay out of your own pocket if there’s an accident. Raising your deductible (the money you pay out of your pocket in case of an accident) will lower your premium. This means that you’ll pay more out of pocket if there’s an accident, but your monthly payments will be lower. And if you have a good driving record, you may never need to use that extra money anyway.
Of course, you’ll want to make sure that you have enough money set aside in case of an accident, but if you do, raising your deductible is a great way to save on car insurance for your teenage driver.
Shop for discounts
There are plenty of ways to lower your teenage driver’s car insurance. One way is to simply shop around for discounts. Many insurers offer discounts for things like good grades, safe driving habits, and taking a defensive driving course. You can also sometimes get a discount if your teenager agrees to install a tracking device in their car. Another way to lower rates is to raise your deductible. This means you’ll have to pay more out of pocket if your teenager has an accident, but it can also lead to significant savings on your premium.
Here on Stable MARK‘s website, they’ve put together a list of more tips to help you save on car insurance for your teenage driver. By following these tips, you can rest assured that you’re getting the best coverage for your teen without breaking the bank.
Involve your teen
By involving them in the process, they will be more likely to understand how much the insurance costs. Most teens are eager to save money, so this can be a great motivator for them to drive safely.
Explain them the relationship between safe driving and insurance rates. Additionally, this will give you a chance to talk about your expectations for their driving and what you expect from them in terms of safety.
As a conclusion
By taking these steps, you can help your teen save money on their car insurance while also teaching them valuable lessons about safe driving. More tips and information about car insurance you can find on stablemark.com.