Aug
25
Teenage Car Insurance
Filed Under General
Buying teenage car insurance could burn a hole in the parent’s pocket. The main reason for this is that teenagers belong to the higher risk age group wherein the insurance premiums cost more. Statistics indeed show that teenage drivers are six times more likely to be involved in accidents than drivers belonging to the 30-59 age level.
But rather than raise your hands up and accept this situation as a fact of life, there are still ways to help reduce the car insurance cost if you happen to have a teenage driver in the family. Being a responsible parent itself can address the search for ways that would lower the car insurance of your teenager.
As a parent, it is of course your responsibility to educate your children on driving rules and regulations. You may even have to brush up on what these rules are and set a good example to the kids by strictly following them. On the same breadth, you will be entitled to some discount on your own car insurance policy if you have a clean driving record.
Accompany your teenage driver on the road, observe his or her driving and correct any driving flaw. Or you can send your teenage drivers to a driving school where they will not only learn about traffic laws but also correct driving habits. Lay strict ground rules on alcohol and drugs which often manifest their worst results while driving. All will help keep your kid’s driving record spotless and at the same time contribute in lowering the teenage car insurance premium you will be paying.
Another parental responsibility is to encourage the children to perform their best in school. If your teenager gets high grades, car insurance companies will provide discount on his or her policy. You can even use this potential insurance discount as an incentive for your kid to do well in school.
Determine how much this discount will be if your teenager achieves the GPA mark specified by the insurance company. Then, put up the cash amount of the discount as a reward if your kid meets the required grade. This should be incentive enough for your teenager to pursue good grades in school.
Finally, avoid the temptation of yielding to the whim of your kid for a muscle car or sports car. These are not only gas guzzlers but also won’t contribute to lowering teenage car insurance premium. Insurance policies, as a general rule, cost higher for these types of cars which are hot in your kid’s yes but will burn your wallet in return.
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