Q. I am about to add my teen age son to the family car insurance, how can I minimize the impact on the family auto insurance rate?
A. It's a fact that by adding a teen (especially boys 16-19) to a family car insurance, you could see rates double! Here are 5 ways every family could consider in order to lower such teen-driver impact on auto insurance rates:
1. Increase the Deductible
Increase the deductibles on collision coverage up to $1,000 on the car that is going to be driven by the new driver, this is where most of the premium associated with a young driver is.
2. Get an Accident and Ticket-forgiveness Policy
A new driver with a speeding ticket or an at-fault accident will double your rates. By spending a little more to get an accident and ticket-forgiveness policy, you can prevent rate hikes after an accident or a ticket.
3. Show Good Grades
Many insurers give discounts for students with good grades (usually B or better, and discounts could be as high as 25%), shop around for it.
4. Take a Defensive Driving Class
A defensive driving class is cheap and could be taken online, it could cut your auto insurance rate by 10-15%. Call your auto insurer first to make sure the course is approved by it.
5. Participate Driving Monitoring Programs
Some auto insurance companies offer programs that monitor driving habits, if your teen is a good driver, this will help lower the auto insurance premium.
A. It's a fact that by adding a teen (especially boys 16-19) to a family car insurance, you could see rates double! Here are 5 ways every family could consider in order to lower such teen-driver impact on auto insurance rates:
1. Increase the Deductible
Increase the deductibles on collision coverage up to $1,000 on the car that is going to be driven by the new driver, this is where most of the premium associated with a young driver is.
2. Get an Accident and Ticket-forgiveness Policy
A new driver with a speeding ticket or an at-fault accident will double your rates. By spending a little more to get an accident and ticket-forgiveness policy, you can prevent rate hikes after an accident or a ticket.
3. Show Good Grades
Many insurers give discounts for students with good grades (usually B or better, and discounts could be as high as 25%), shop around for it.
4. Take a Defensive Driving Class
A defensive driving class is cheap and could be taken online, it could cut your auto insurance rate by 10-15%. Call your auto insurer first to make sure the course is approved by it.
5. Participate Driving Monitoring Programs
Some auto insurance companies offer programs that monitor driving habits, if your teen is a good driver, this will help lower the auto insurance premium.
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