There is nothing more exciting in a teenager’s life than finally being able to drive. However, as newer drivers with a higher level of risk of accident, auto insurance for teens is oftentimes pretty expensive. Fortunately, there are some things you can do to help your child get on the road while still being able to save on your premiums. Here are some tips to help you keep your teen driver premiums down.
When purchasing your teen a car, make sure to do a little research into the safety of the vehicle. Cars with a high safety rating have more features that can protect drivers during an accident. Further, some of the available safety features on these vehicles like traction control, anti-lock brakes (ABS), and blind-spot sensors can also help prevent accidents. These vehicles have less risk associated with them and thus, cost less to insure.
Driver’s education courses have a two-fold benefit. First, it will help your teenager learn how to drive safely and get in enough practice before earning their license. Secondly, teenagers who have completed a driver’s education course get a discount on their premiums. On average, you can save between 5-10% on your premiums if your teenager has taken a driver’s education course.
Good grades are typically a sign of responsibility. So some insurance companies factor in good grades when calculating their policy. Typically, this discount requires students to maintain a “B” average for all their classes. If your child gets good grades, you may enjoy a discount on their premiums from 5% and up to 25% with some insurance policies. When getting a quote, make sure to provide the insurance companies with your teen driver’s report card.
Bundling your insurance is usually a good idea overall to help save money. That is because by bundling, you can spread your risk along with a larger pool. This will reduce the costs for the insurance company and they will pass those reductions onto you with a discount program. When you get a quote for your teen driver’s insurance, ask about bundling discounts.
As with any insurance purchase, getting multiple quotes is a good idea. Insurance companies all have different offerings and pricing. So comparing quotes can not only help you save money on your premiums but may help you get more coverage for the same price as your current policy. This can help you find the best price, with the most coverage for your teen.
At Panorama we love helping our customers save money on their insurance. Whether they are shopping for a new teen driver or just looking to upgrade their own policy, we can help. We work with a number of insurance companies in order to find you the best price for the most coverage. Give us a call and we’ll help you save big on your insurance premiums.