While a kid is excited about getting the first car, the parents face tons of paperwork and the increased interest rate. Yet, it is possible to find a good car insurance for the grown-up child and avoid negative effects of the family car insurance policy.
Also, the correlation between adding teenagers to a policy and the annual premium is getting surprisingly good. The annual premiums increased an average of 78 percent before 2013. Since that time the tendency changed and the average increase was 85 percent.
More safe car technologies might have made the interest rates to fall or the fact that there are even “graduated” driving programs that ensure the teens’ readiness to drive. The point is there are ways to find the middle ground between the teen’s needs and family’s budget.
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How to Choose a Car
Despite the teens’ preference for a small nifty car, it would be much cheaper to put them in a time-honored car. It is better for the interest rate and for the 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 the considerable number of 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. Plus, remind him that every car needs gasoline and that might become his concern and you won’t pay for his rides. This way the teen will know how much safeness costs and will get the first lesson about budgeting.
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 learners permit, you must let the insurer know. In case you are divorced or have a part-time custody of your child, the insurance company will also determine the terms of the insurance. To find out more, consult the specialists like PersonalMoneyService for auto insurance online.
There is a chance to dodge paying the premium for a teenage driver if he drives your own 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 the car insurance is cheaper for girls, you cannot make your teenager change sex. However, you must motivate 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.
Make sure 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 as well because your clean driving records affect the teenager 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 feedback on the teen’s driving and can video the ride.
Those technologies aren’t free and can exceed your monthly budget. If you can get a discount on insurance, you can’t save money on your child’s safety.
There are many apps for teen drivers and some of them are free. The ones like CellControl, for instance, will disable texting and usage social media while driving.
Finally, consult fellow parents for feedback on adding a teen to car insurance. And whatever insurance plan you choose, make sure your child is well taught and ready to drive. Your child’s safety and life are in your hands.