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It can be an exciting, yet somehow stressful time when your teen passes their driving exam. Despite the recent passage of Graduated Driver Licensing (GDL) laws, teenage drivers still have the least amount of experience on the road. You’re right to worry about what their driving habits will turn into, and about their ability to react to reckless drivers on the road. As you hand them your car keys or hand them car keys of their own, they will need to be insured. Start looking for a cheap auto insurance for teens today.
So: why exactly are teenage driver insurance rates so expensive? Statistics have shown that teenagers have a much higher propensity to be in accidents than any other demographic. Furthermore, the IIHS shows that automobile accidents are the biggest cause of teen deaths. Because of these statistics, the teenage driver in your life will most likely also have to deal with paying higher premiums.
But there are certain things that you can do to lower your teenage driver’s premiums. We’ll discuss them in more detail below.
Shopping around is the best thing that you can do. Finding the adequate balance between service quality and price comes with time. Consider whether or not you want to start a new teen driver insurance policy for them or just add them to your own.
Generally adding your children to your own policy is cheaper. It will raise your premium considerably, but in most cases it will be less than getting them their own policy. You are eligible for various discounts like being a homeowner, being married, or perhaps insuring several cars with the same policy. Your children are not.
Bear in mind that if your teen is doing well in school, various insurance companies offer a discount for maintaining a certain grade point average. Having a car with good safety ratings could also go a long way to reducing your premiums.
With the right company, a little sleuthing, and teenager-specific discounts (like Driver’s Ed or Good Student Discounts), you too can find a more affordable rate for your young driver.
Just remember to hang in there; rates will eventually drop over time as your teen gets better behind the wheel. The first decrease in premiums should be seen at the age of 19, followed by another reduction at the age of 21. It’s only a matter of time. Compare teenager car insurance rates now.