Is there anyway to reduce the pain in the wallet when the time comes to add your 16-year old driver to your auto policy? Please, please tell me there is a way!
That was my cry a few years ago. I’m never ready to pay more in insurance premiums, but I definitely did want coverage for this new teenager driving our cars! Caleb is a personal lines CSR in the Stroud office where I work so I took my dilemma to him. Long story short, he quoted with several different companies and found a way to make it not quite so painful. In our situation, it saved significantly to change companies for both our home and auto insurance.
So – here’s a few tips that Caleb shared and that I learned from my experience:
1. Explore the options that other insurance companies offer. If you don’t like the premium of your current company – get other quotes.
2. Don’t just focus on your auto policy. Get quotes from other companies for both home and auto. The amount you save on your home could help offset the increase in the auto policy. (This was our answer.)
3. Don’t put the new teenage driver on a policy of their own. Always put them on the parents’ or guardians’ policy.
4. Some companies offer a savings if the teen takes a Driver Education course.
5. Here’s an incentive for your teen to work hard to get good grades: The good student discount is significant.
6. Don’t buy a brand new sports car (Camaro, Mustang, etc) unless you make bank. The insurance premium will be very large.
Watching my teen grow up and accept responsibility is bittersweet, yet exciting. Glad I could insure him as a driver at an affordable premium. Now we can go forward with other more exciting and interesting things – like – well you know. If you’re reading this, you’re there too. I wish you luck!
