Your kids may be excited to start driving, but you may be concerned about auto insurance costs. It's a fact the less experience you have driven; the more your auto coverage will be. The key to decreasing this coverage will rest in being proactive. There are several things you can do that will help lower your auto insurance if you had teenagers and listed below are ways to assist you:
Tip #1: Encourage good grades
It's no secret that working to do well in school will pay off for your children. Getting good grades is essential for being able to get into the right college and begin a successful career.
However, your insurance provider will give you a discount if your kids' grades are high enough. Listed below are the requirements for being able to enjoy a lower insurance rate with good grade:
1. Age – Your child must be younger than 25 years old to qualify.
2. Enrollment – This individual should be a full-time student at high school or college.
3. Grades -Must keep at least a B average at all times.
Tip #2: Buy an older car
One of the best ways to keep you from having to pay extremely high insurance premiums will begin with the type of vehicle your teenager drives. It's essential to rely on an older car for this inexperienced driver to operate to avoid high premiums.
Simply having a liability only policy and dropping collision and comprehensive is the key to paying less on a monthly basis for coverage.
Tip #3: Raise the deductible
One of the fastest ways to reduce the expense of auto insurance when you have a teenager will rest in increasing the deductible. The more this amount is, the less you will have to pay to remain covered year-round.
This is the amount you will need to have on hand to pay your insurer if an accident does occur. Keep in mind that your claim won't be paid until you've met this amount in full.
You can work to pay less if you have new drivers on your policy. The key to reaching this goal is to simply be more mindful of the steps that are necessary to do so. Be sure to work closely with your insurance provider to allow you to learn other ways to keep car coverage costs at a minimum when teenagers are involved!