Adding a teenager to your auto insurance policy will cause an immediate spike in costs. Insurers deem young drivers as risky clients, particularly young men who fall into an accident-prone demographic.
Fortunately, there are steps you can take to mitigate the extra costs that you will incur by adding your family’s newest driver to your insurance plan.
Enroll in a driver safety course
Enrolling your child in a driver safety course is one of the first steps you can take toward helping your teen drive safely. The sooner a new driver starts practicing safe habits behind the wheel, the sooner their insurance premiums will start to steadily decrease. Your insurance provider might even offer a discount upon your teen’s completion of the course.
Choose a car with higher safety ratings
When your teen earns a driver’s license, it could be the perfect time to invest in a car with higher safety ratings. Not only will a safer vehicle help you qualify for insurance discounts, but it will also give you peace of mind when your child is out on the road.
Consider older vehicle models
One other way to offset insurance costs is to give your teen access to an older vehicle when they need to drive. Dated models with lots of mileage are typically cheaper to insure than newer, more expensive cars.
It can be an exciting time when your child accepts the responsibility of driving, but it can also be strenuous on the family’s budget. In the event that your teen experiences a motor vehicle accident, your attorney can help reach a settlement that protects your finances.