How To Reduce Your Teen’s Car Insurance Rate
It’s not new to many that teenagers can end up paying a lot for car insurance. Or, rather their parents may be paying a lot more to add them to the existing policy. This is simply based on the statistical evidence that teenagers file more claims than other age groups. While you can’t change your child’s age, there are some things you can implement to help reduce the car insurance rate they are charged. Let’s take a look at what these options are so you can take note and starting implementing them to save yourself a bundle.
Picking The Right Car To Insure
You can work on lowering the collision and theft part of your teenager’s car insurance policy by opting for the right kind of vehicle. You want one that is considered extremely safe, not regularly stolen, and not overly expensive to repair. By finding a vehicle that fits these standards, you can set your teenager up for a lower rate from the start.
You Need To Choose Driver Assignment Wisely
Having a combined car insurance policy for the people in your home can offer many discounts. It’s important to realize that the insurance company is going to want to match each eligible driver on the policy with a specific vehicle. This is called driver assignment and they will base the price of the insurance for the vehicle on the driver that is using it the most. You want to ensure you match your teen driver to the vehicle that costs the least amount of money to insure.
You can find a breakdown of your car insurance rates by the type of car on your monthly paper or electronic statement. Simply identify which vehicle is the cheapest to insure. When your adjustor asks you which vehicle your teenager will be driving, tell them the vehicle that costs the least amount of money to insure.
Look For Student Discounts At Your Provider
Many car insurance companies are now offering student discounts as part of their incentives. These are price breaks for students who consistently show high grades on their report cards. Most require at least a great of an A or B to qualify for the discount and proof of your teenager’s grades will be assessed often. Most providers will require a new assessment every time the policy renews. This is one way where you can encourage your teenager to help reduce the cost of their insurance.