What Things Can We Do To Keep Our Insurance Costs Down, Now That Our Teenager Has A License?
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UPDATED: Sep 15, 2020
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There are many things you can do, but be aware that your costs will go up with a young or inexperienced driver whether they are male or female. The most common savings is if the young driver has good grades. A grade point average of B or better can save 15-20% off of the rates. Some companies offer a video for the young driver to watch (generally about 15 minutes and it is NOT bloody or gory) and that can save another 10-15% over a three year period. However, should the young driver get a ticket or cause an accident, that credit is taken away, as well as the increased cost of the ticket or accident.
Another consideration is whether or not to buy them their own car. If there are more drivers than cars, then the young driver is assigned as an occasional driver to one of the existing cars. If that car is newer, and has physical damage coverage (comprehensive and collision), the cost increase can be dramatic. You may want to investigate buying an older car for the young driver, carry only the liability coverage, and it may be a less expensive option. Your agent or company can provide you with quotes. It’s usually a mistake to buy a new car for the young driver. It is expensive and they do not have the experience to safely operate a car. Crash rates for the 16-19 age group are almost triple the rate for all drivers combined. Give them a chance to learn, safely and less expensively.