Save On Teen Car Insurance
Insuring your teenage driver can be an expensive proposition. Finding the best possible rates on the coverage you need is vital for both your financial situation and your emotional peace of mind. At CheaperCarInsurance.com, we specialize in helping you find the right insurance product at the right price, making it easier to find the best solution for your car insurance needs. While you will likely pay a bit more for teenage insurance, we can help you find ways to manage the costs while maintaining the coverage you and your teenager need on the road.
What kind of insurance do you need?
The type of insurance policy you need for your teenage driver will vary depending on the age and condition of the vehicle, the amount of financial risk you are willing to assume and the requirements of the auto finance company, if any. By purchasing only the coverage you need, you can reduce the overall expense of insuring your teen while maintaining adequate protection on the road.
Liability-only policies
Liability-only insurance is the cheapest form of auto insurance and is suitable for older vehicles. It will not pay for the cost of repairing or replacing your car in the event of an at-fault accident but does protect you and your teen from liability in this situation. If the car or truck is financed, however, the lender will typically require more coverage than liability-only policies can provide.
Comprehensive and collision policies
Comprehensive and collision coverage adds significantly to the cost of auto insurance for teenagers, but covers damage caused to your vehicle by accidents, vandalism, theft and other events. This added coverage can pay for itself in just one accident and is recommended for teenagers who are driving later model vehicles. In addition, many auto finance companies require a specific level of comprehensive and collision damage in order to protect their collateral; be sure to determine their requirements before deciding on a particular policy.
Ways to save on teen car insurance
Parents and teens can reduce the cost of car insurance in a number of ways. While some of these can be put into place immediately, others require a bit of planning and forethought in order to provide the best car insurance rates possible.
Multiple car discounts
By adding your teen driver to your existing auto policy, you can sometimes achieve an overall reduction in the cost of your car insurance. However, this strategy is not without risk. If your teenager is involved in an accident, the cost of your policy can increase significantly for all drivers on the policy. That increased cost may persist even after your teen moves on to his or her own insurance coverage.
Good student discounts
Most auto insurance companies offer discounts for students with consistently high grade point averages. Those A’s and B’s can translate directly into added cash in your pocket with lower monthly insurance premiums for your good student. Students must usually maintain a B average or better in order to qualify for these discounts.
Driver’s education
Teenagers who complete a course in driver’s education through their school or at an independent driving school can earn discounts on their auto insurance. Defensive driving courses can also reduce the cost of insurance for teen drivers, making them a sound investment financially and from a safety perspective.
Economize and save
Economy cars and older model vehicles often cost less to insure than showier models. By opting for a more practical form of transportation over the late-model sports car your teen may prefer, you can save both on the cost of the car and the insurance premiums necessary to keep that car protected on the road.
Increase deductibles
If you have enough in savings to cover a larger deductible amount, it makes good financial sense to increase the amount you must pay in the event of an accident in order to achieve lower monthly insurance premiums for your teen driver. Some auto financing companies require low deductible amounts, however, so you may wish to check with your lender before making this change.
Comparison shop and save
The auto insurance quotes available at CheaperCarInsurance.com are an ideal way to compare prices and coverage from a wide range of insurance providers. Our exclusive service helps you find the best rates and the most suitable coverage for your teen driver.
CheaperCarInsurance.com is your one-stop solution for auto insurance quotes and information. Try our no-obligation quote service today to find out just how much you could save by comparison shopping with us.
