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Teenage driver and car insurance

 Teen Car Insurance Courtesy of iii.org

For parents, the stress of having a first-time driver in the house is usually dampened by anxiety. With little driving experience, immature drivers are at a higher risk of accidents. Of course, the safety issue is the most important thing in most parents' minds, but other stressors – such as the high cost of insuring your new driver and the financial consequences of a teenage driving accident – can be reduced with these steps.

Before getting students. allow, call your insurance professional

Your agent or representative can clearly explain the cost of insuring a teenage driver. The good news is that as your teen gets older, insurance rates will drop ̵

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Involve your teenager in the car insurance discussion

From the beginning, it is important to talk to your child about the relationship between driving a car and the responsibilities that come with it, including insurance costs. Explain and reinforce driving safety tips and the serious consequences of traffic violations or accidents, including increasing insurance costs.

Encouraging Positive Behaviors

Car insurance companies offer discounts or reduced premiums to:

  • Students who have at least a "B" -means in school
  • Teenagers who attend a recognized driver's education
  • College students who go to school at least 160 km from home and do not take the car to campus

Choose the right car insurance company

It is generally cheaper for parents to Add teens to their car insurance than for teens to buy one on their own. By insuring your teenager's car with your insurer, you can also qualify for a discount on multiple vehicles. That said, insurance companies differ in how they price insurance for young drivers, so research a bit about prices to be sure to find the best fit for you and your teen.

Assign Your Teen the Right Car

Find Out on that. How Your Insurer Assigns Drivers to Cars – Some insurance companies will assign the driver who is most expensive to insure (usually the teenager) to the car that is most expensive to insure. If possible, assign your teen the least valuable car.

Note that with this type of arrangement, there can be no exceptions; Your teen may only use the car he or she is assigned, even in an emergency. If your teenager is involved in an accident with an unallocated car, fines can be imposed and your own premiums can be increased.

Increase your liability insurance for better protection

If your teenager has an accident, setting minimum liability insurance requirements will not enough to completely protect you from moods. Consider buying higher amounts for liability insurance – if your teen is found negligent in an accident and the damages exceed your insurance limits, you will be held financially liable and can be sued in court for the amounts not covered by your insurance. Depending on the value of your financial assets, you may even want the extra protection that a personal liability insurance policy provides.

Increase your deductible to save on your premium

The higher the deductible, the more money you can save on your premium, so consider raising your deductible from the minimum amount required. You may want to use these savings to increase your liability insurance.

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