New Teen Driver? 3 Ways To Save On Your Insurance

Parenting a teen can be challenging, but parenting a teen who has just started driving can be physically, emotionally, and financially overwhelming. Paying your new auto insurance premiums that include your new teen driver can actually be traumatic for some parents, but help is available. If you are or will be adding your teen to your auto insurance policy, here are a few options to help you save.

Increase Deductibles

Consider weighing out the pros and cons of increasing your current deductibles. While the higher deductibles will increase your out-of-pocket expenses if you are involved in an accident, the higher deductibles will allow you to insure everyone in the household with lower insurance premiums.

Hopefully, no accidents occur, so you do not have to worry about spending money to pay these deductibles. But, again, this will be a decision you need to make as far as whether you want the higher deductible risk or the lower insurance premiums.

No Extra Car or the Right Car

Adding your teen to your insurance policy will be costly, but adding your teen driver AND another vehicle to the policy will be even more expensive. Therefore, many parents choose NOT to purchase another vehicle for their teen, allowing them to drive a vehicle they already have and insure to save money.

Of course, there may be instances where you do want to purchase a vehicle for your teen, so you need to know which ones are more affordable to insure. Recent reports have shown that used sedans and used crossover vehicles/small SUVs are the most affordable for teens.

Ask for Discounts

Do not be afraid to ask for discounts. You may be surprised by what options are available to you.

A multi-vehicle discount, for example, may already be in force on your policy. If you are adding another vehicle, which will be used by your teen, you may qualify for a discount, as well. Safe driving discounts should also be available if nobody in your household has had an accident or incident within a certain period of time.

Also, your teen may qualify for a good student discount. If your teen is able to maintain a specific grade point average, your insurance company may offer a special discount to help lower your premium rates.

Insurance is an expense that most people hate, but it is an important one. With these tips, you will learn a few simple ways to save when adding your new teen driver to your policy. For more information, contact a company like GMI Get Me Insured today.

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