While a kid is excited about getting the first car, the parents face tons of paperwork and an increased interest rate. Yet, finding good car insurance for the grown-up child and avoiding the family car insurance policy’s negative effects is possible.
Also, the correlation between adding teenagers to a policy and the annual premium is getting surprisingly good. The yearly premiums increased an average of 78 percent before 2013. Since then, the tendency has changed, and the average increase was 85 percent.
More safe car technologies might have made the interest rates fall or the fact that there are even “graduated” driving programs that ensure the teen’s readiness to drive. There are ways to find the middle ground between the teen’s needs and the family’s budget.
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How to Choose a Car
Despite the teens’ preference for a small, nifty car, putting them in a time-honored car would be much cheaper. It is better for the interest rate and safety reasons as well.
According to the National Highway Traffic Safety Administration, 2,082 teen drivers were involved in fatal motor vehicle traffic crashes in 2016. Since teens are responsible for many accidents, there is no need to give them a sports car to test-drive.
Involve your teen in the decision-making process about the car. Make him evaluate the price range and the car’s safety. Remember that every car needs gasoline, which might become his concern, and you won’t pay for his rides. The teen will know how much safety costs and get the first budgeting lesson.
Why You Have to Protect Your Teen Driver
The insurance company requires every licensed family member to be listed in the insurance. As soon as your child gets his learner’s permit, it would help if you let the insurer know. If you are divorced or have part-time custody of your child, the insurance company will also determine the insurance terms. To learn more, consult specialists like PersonalMoneyService for auto insurance online.
There is a chance for a teenage driver to dodge paying the premium if he drives his car. But remember that if you choose to exclude the teen from the existing policy, it won’t be cheaper than actually adding him to it.
How to Get Car Insurance Discounts
Including a boy on your insurance policy increases rates an average of 89 percent, while it’s 66 percent for girls. Although car insurance is cheaper for girls, you cannot make your teenager change sex. However, it would help if you motivated him to get better grades. There are teenage driving initiatives at the National Safety Council that have got that covered.
If your teen takes classes on safe driving, he can also get a discount. During the first year of their driving, teens are most at risk, so you should take time to guide them through safe driving rules.
Ensure the teenager follows all the rules and knows about the minding curfews for night driving and minimizing the number of people in the car.
If possible, limit the teen’s use of the car. Some insurance companies can offer a discount provided the child is studying as far as 100 miles away without using the car but still having a chance to drive it on holidays.
Mind your driving because your clean driving records affect teenagers and make the interest rate rise or fall.
How to Help a Teenage Driver
Insurance companies are interested in your safety. That’s why some of them provide monitoring devices for you to assist your child. The app installed can notify you when the teen is speeding or breaking, neglecting the seatbelt, or misusing the car. It also gives the teen’s driving feedback and can video the ride.
Those technologies aren’t free and can exceed your monthly budget. You can’t save money on your child’s safety if you can get an insurance discount.
There are many apps for teen drivers, and some of them are free. The ones like CellControl, for instance, will turn off texting and usage of social media while driving.
Finally, consult fellow parents for feedback on adding a teen to car insurance. And whatever insurance plan you choose, ensure your child is well-taught and ready to drive. Your child’s safety and life are in your hands.
