Evans Insurance Services Inc. Blog
One of the most exciting parts of being a teenager is getting a driver’s license and starting to drive. As a parent you might have a lot of worries, one of these being car insurance. While statistically car insurance rates are higher for teenage drivers, the rates are not as high people often make them out to be. Follow some of these tips so that you can minimize your teen’s car insurance cost as much as possible.
There are a lot of discounts that your teen may qualify for depending on the insurance company. If your teen has good grades, he or she could qualify for a Good Student discount. In order to qualify, most insurance companies require at least a B average (3.0 GPA) or that the student be on the honor roll or the Dean’s List. Only persons under the age of 25 qualify for this discount. Another great discount that your teen could receive is a discount for completing a Teen Driver’s Training Course. Most insurance companies offer great discounts for young drivers participating in a Driver’s Ed which should include both behind the wheel and in the classroom training. In the eyes of the insurance company, insuring someone who has been taught how to drive by a professional means your young driver is a more desirable client because they are a better risk. Also this should give you better peace of mind knowing that you have done all you can to prepare your young driver for driving.
Choosing Your Car:
Choosing the right car for the right risk is not only important to you but also to your insurance company. Insurance companies are going to give the best breaks to young drivers when they are rated as part time drivers. So if you have three drivers and two cars if you want to pay the lowest price possible price don’t be in a hurry to buy a third car. Automatically your young driver will be rated as a part time driver.
Now if you’re going to buy that third car for your young driver you want to stay away from expensive cars or brand new cars especially if you’re concerned about paying a high rate. Full time driver rates on young drivers can get expensive so to lessen the blow buy a third car that you don’t have to insure for collision and comprehensive which is the same thing as self insuring the vehicle. Now you will still have coverage for the damage your young driver causes but that would be it. If money is not an issue, then by all means get them a brand new car just make sure you call me and let me handle your insurance.
Keep in mind we would love to be a part of the discussion so please consult with us either by email or phone. Remember we are an Independent agent and we will help you obtain a competitive rate when the time comes for your young driver to get his/her license. We promise to make this process easy for you and your family.