Estimated Monthly Savings: $125
Ah, teen driving. If you have a teenager in the house, you know the day is coming. The day your child gets a sense of freedom and you get a big bill in the mail. The cost of adding your child to your car insurance policy can be staggering. Teenagers fall in the high-risk driver category, so adding them to your policy could potentially double your insurance bill. Â We know you are already worried about your child driving off on their own, so we have gathered some tips to ease some of your worry about the bill.
Insurance companies offer savings on their products when you buy more than one at a time. So you’ll likely see the greatest savings by putting your child on your policy, rather than getting them one of their own. You should also look into buying all of your insurance policies with the same carrier. If your home insurance is not with the same company as your auto insurance, consider moving one of them so that they are with the same provider. Doing so could add up to big savings.
We all know the importance of driving save. But as new and inexperienced drivers, teenagers are more likely to get into a car accident. That is why their insurance is so high in the first place. But insurance companies want to reward good driving. That’s why many offer the opportunity to install a tracking device on your teen’s car. The device will monitor the driver’s speed and sudden braking. If your child stays within the set parameters, you can receive a discount on your bill.
Most insurance companies offer discounts to student drivers. Call your insurance company and see what your child needs to do to qualify for a good student discount. Many times getting good grades can save you up to 20% on your auto policy.
Call your insurance agent and discuss your options. Insurance companies consider a large set of variables when calculating rates. Driving habits, school grades, and the choice of car can all affect your rates. If you plan ahead you will see the savings.