Avoid These Critical Errors in Providing Young Auto Insurance
Providing car insurance for the young driver (under 25 years old) can be a very expensive proposition, to say the least. Increased premium rates of 50% to 100% can very easily be realized. Many families are not ready for that kind of financial setback. Does that mean you just have to sit back and take it? Absolutely not. Here are some critical and common errors to be avoided that will help to keep insurance costs within reason.
Error #1: Assume your present insurance provider has the best rates
It may be a hassle to switch insurance providers, but is it any less a hassle to pay higher insurance rates every month? Not all insurance companies treat teenage drivers the same. Though other age groups may have fairly standard rates across the industry, not so with teens. It really does pay to shop around.
Error #2: Get your child that “hot” car they’ve always wanted
Error #3: Set up a separate policy for your child
In most cases it will actually save money to add your child to your auto insurance policy instead of setting them up on a separate policy. Adding them to your policy will help with multi-car and possibly other discounts. The only exception to this may be if your own driving record is less than stellar.
Error #4: Procrastinate
As your teen approaches age 16 and gets their learner’s permit, it is time to contact your insurance provider. If you fail to do so, and your child is in an accident, many companies will go ahead of cover them, but not always. Companies can retroactively charge higher premium rates that should have been paid or even, in extreme cases, revoke coverage completely
Error #5: Reduce liability coverage to reduce costs
Drastically reducing liability coverage seems like good way to lower costs. And, it may save you a few dollars. But having lower coverage on a higher-risk driver really does not make sense. If your teen is in an accident you will end up having to cover the damages out of your own pocket.
Error # 6: Neglect to be active in teaching good driving
One of the very best ways to help your teen keep a clean driving record, and therefore keeping lower insurance rates, is to be active in teaching good driving habits. One of the most effective means of teaching is modeling. What kind of driving habits do they see in you?
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