Buying Auto Insurance For Teen Drivers

By -

Driving may be a rite of passage for teenagers, but for parents, having a teenage driver can be stressful and expensive. Your child will need auto insurance coverage as soon as he or she receives his or her driver’s license. Here are some important considerations.

Determine Whether to Add your Child to your Policy or Purchase a Separate Policy

  • Check with your insurer to see how your premiums are affected. Expect them to rise dramatically, but savings may be found through multiple-car and good-student discounts.
  • If your child is driving an “old beater” that doesn’t require comprehensive or collision coverage, a separate policy, in limited instances, may save you money.
  • Discuss your options with your insurance agent.

Consider Your Teen Driver Coverage Choices

  • Most personal auto policies won’t cover a driver transporting goods or services in exchange for a wage. So if your teen is planning on becoming a pizza delivery driver, contact your insurance agent to determine if additional coverage is needed.

Find Ways to Save Money

  • Consider vehicles with high safety ratings over sportier, more expensive cars.
  • Think about raising your policy’s deductibles.
  • Reassess your need for collision or comprehensive coverage.
  • Ask about “occasional” or “pleasure-only” discounts, which may apply to children away at school.
  • Explore usage-based insurance, which involves installing a device in the vehicle that monitors driving behavior and rewards good driving. It’s also a way to keep tabs on your teen’s driving.
  • Have your teen complete a driver’s education course.

Popular posts from this blog

9 Facts About Retirement

By -
Image
Tip:  Nearly 70% of workers expect to work for pay in retirement, but only 26% of retirees actually have done so. Source: 2018 Retirement Confidence Survey, EBRI Retirement can have many meanings. For some, it will be a time to travel and spend time with family members. For others, it will be a time to start a new business or begin a charitable endeavor. Regardless of what approach you intend to take, here are nine things about retirement that might surprise you. Many consider the standard retirement age to be 65. One of the key influencers in arriving at that age was Germany, which initially set its retirement age at 70 then lowered it to age 65.¹ Every day between now and the end of the next decade, another 10,000 baby boomers will turn 65. That’s roughly one person every 8 seconds.² In 2016, the latest year for which data is available, people aged 65 and older accounted for 15% of the population in the U.S. By 2060, they are expected to represent more than one-in-four Americ
Read more