TUESDAY, APRIL 16, 2019
- Don't buy a car for your new driver. If there are fewer cars than drivers in your household, your new driver might not need to be assigned to a car. This can make them an Occasional driver, which is less costly to insure them. As soon as you have as many cars as drivers they become a Primary driver and the costs will go up.
- If you do have a need to buy your young driver a car think, "boring, slower, safer". This will generally keep rates down. Another item to consider is that if replacement parts are expensive on the car, the insurance probably is as well.
- If you are considering an older, lower cost vehicle for your new driver this could save you money as well. If the value is low enough you may decide to put liability only on the car. This alone could save 50%-75%.
- Consider having your teen drive the least costly car to cover. If you have a Corvette and a Toyota Camry, the Camry will be much less to insure than putting them on the Corvette.
- Contact your agent and see if they can give you some advice on the cost of putting different cars on your policy. Sometimes it is very obvious, but there are surprises out their and some cars you would not think are costly to insure actually are.
- Consider putting your teen driver on your policy. Avoid getting them a separate policy as this will likely cost more as they would go without many discounts, the biggest of these is usually the mutli-car discount. You can always check with your agent to separate out the costs if needed.
- Look for an agent that can provide insurance with a company that offers accident forgiveness. On average every new driver gets into one accident in their first three years of driving. If you have accident forgiveness this can save you thousands on future premium costs if your new driver has an accident.
- Do what you can to keep your teen from speeding or getting in accidents. Accidents and tickets can make your rates increase significantly.
- Keep all your policies with one agency. This will help you bundle policies for discounts.
- If you teen driver is away at college, without a car, contact your agent and ask if there is a discount for this. Many times if the school is 75 miles or more away it can save money on your policy.
Posted 9:00 PM
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