Teenagers have a profound impact on those auto insurance rates of yours. There are ways to help keep those rates lower when that 16 year old decides he or she wants to start driving, though.
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Things like the type of car, actual age of your teen and even their grades can help or hurt your rates. Here are five tips to surviving the long haul of your teenager being on your auto insurance policy.
Younger Kids Get Older Cars
New cars are expensive on that auto insurance budget. This is usually due to the coverage that has to be carried on that sleek new ride. This might not be the best type of car for your new driver in the family.
The teenager might be asking for a fast sporty car, but in reality, they really need to be learning with an older sedan. Older cars often need less coverage than newer cars. Getting a sedan also helps with that monthly auto insurance bill as sedans often come with the “not going to play speed racer” stigma.
Scholarly Rates Are a Win-Win Situation
Some auto insurance companies will give discounts for good grades. This is due to many scholars performing many studies. These studies have found that students with good grades are often involved in fewer accidents and acquire few traffic violations. Not only do you get the benefits of cheaper auto insurance, but you get a rocket scientist as a benefit.
How Do You Define That Teenager?
How you define your teenager can have a drastic impact on your auto insurance. When you are adding Little Missy to your policy, you might be asked if they are an occasional driver or the primary driver. The answer to this question might mean the difference between steak or Rammen noodles for dinner.
This also means that the teenager might need to drive the family car if they are defined as a hobby driver. Your teenager might be on the constant go, but they don’t need to be the only driver amongst their friends. Teach your kids the value of sharing the driving responsibilities.
Make Them Pay
Parents don’t have to take on the burden of everything their kids do. If your kid wants to drive, now might be the prime opportunity to start teaching them budgeting skills. Make that kid pay some of your auto insurance bills, too.
This doesn’t have to be drastic. Remember, you want them doing important things like learning in school and developing good money habits. One of the most common practices is to make your kids pay the difference in auto insurance rates when you add them to your policies.
Take More Than Just Driver’s Education Courses
Driver’s education just gave your teenager the basics they needed to get driving. It might be time for them to consider more education. Defensive driving and road rage classes are a plenty these days. Have your teenager successfully complete these types of courses and watch your auto insurance premiums return to your bank accounts.
Teenagers already cost you an arm and a leg in that weekly grocery bill. Don’t let them suck your bank account dry with the auto insurance premiums as well. Teach your kids good driving techniques on the road and enjoy that extra money in your pocket.
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