So, you blinked one day and now your child is 16 and ready to get their driver's license and take on the world! On one hand, great! Now you have someone to send to the grocery store while you're making dinner because you forgot to get milk, or take their siblings to baseball practice and dance lessons, or just chauffeur you around because - quite frankly - you've driven them around everywhere for 16 years and you deserve a break!
On the other hand, what's going to happen to your car insurance premium?
You've probably heard all the nightmare stories from friends and family about how their insurance payments doubled, or even tripled. Why does this happen, and what can you do to soften the blow?
Even if you and your spouse are terrific drivers with spotless driving records, most insurance companies consider young drivers to be irresponsible or inexperienced. Because of this, agencies bump up the cost to cover any potential losses during the first few years of learning the ways of the road - However, there are a few things you and your child can do to help soften the blow:
1. Maintain good grades in high school or college
Lots of insurance companies offer a Good Student discount for drivers who maintain a B average or higher. You may also get an additional discount if your child completed Driver's Ed or another Driver Safety course offered by the school or local community. All you have to do is obtain a report card, transcript, or certificate.
2. Get coverage on your policy, instead of his/her own
Adding a driver to your existing policy will still cause an increase in premium, BUT having one or two older, more experienced drivers on the policy will typically cost much less than buying a separate policy for your child.
3. Consider the type of vehicle your child will be driving
The premium for a 16-year-old driving a convertible or a powerful sports car will be much higher than if, for example, they're borrowing your safe and reliable family car. Sure, it may not be as stylish - but vehicles equipped with less horsepower and more safety features will help reduce coverage expenses and, more importantly, make sure your child is as protected as possible if he/she is ever involved in an accident.
4. Compare Prices
If your current insurance carrier is still wanting to charge you an arm and a leg, even after you've checked these things off your list, you might want to shop around and see if you can get a better deal elsewhere. The great thing about Model City Insurance is that we KNOW how much of a headache it is to call 10-20 places on your own. That's why we do all the shopping for you! That's right - while you're at work, running errands, getting coffee, or taking a well-deserved nap, you can rest easy knowing that our agents are working on the best possible quote for you from many top-rated insurance carriers. We'll also make sure to tell you if you do already have a great policy. We want the best for you and your teenage driver, so we'll never ask you to switch for a cheaper policy if it means less coverage.
5. Don't Worry
As your child gets older and more experienced, you will start to see those premiums go back down - especially if they avoid tickets and accidents along the way!
For more information, or to get a quote, call Model City Insurance today or get a quick and easy quote online!
Model City Insurance = Making Customers Important!