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The incredibly high rates for insuring teen drivers can be shocking—age, statistics and driving record are huge insurance-rate factors. But there are things you can do to help keep insurance rates for teen drivers as low as possible.
Teen drivers and their parents are often shocked by the incredibly high rates they are quoted when they go shopping for insurance. Unfortunately for teens, your age and driving record are huge factors in your insurance rates. Luckily, there are things you can do to help keep insurance rates for teen drivers as low as possible.
How much does car insurance go up with a teenage driver?
There is no set percentage increase when you add a teenager to your insurance, but you are likely to see a significant jump in your premium costs when adding a minor driver to your policy. Insurance is so expensive for teens for several reasons, including:
What is the best way to insure a teenage driver?
The cheapest, easiest way to get insurance for a teen driver is to add them to their parent's insurance policy. This allows teens to take advantage of all of the benefits their parents are already receiving, such as bundling discounts and reduced rates for being a long-time customer of the insurance company.
It is possible to get a separate insurance plan for a teen driver, and it might even be the right choice in some circumstances, like if your teen's driving record is less than stellar and you are afraid your insurance company will drop you from their coverage altogether. However, most of the time the most affordable option is to keep your teen on your family insurance policy.
How to insure college students
Insurance for college students can be tricky, especially if they are going away to live on campus. Fortunately, there are many ways to help reduce insurance costs for your college-bound teen.
What is the cheapest car insurance for college students?
The cheapest insurance for college students is almost always staying on their parent's policy. That being said, it is possible to find affordable insurance for college students on their own policy as well. If you are shopping for an individual insurance policy our experts at Goosehead Insurance are available to help you find the best available coverage at the lowest possible rate.
Do I have to add my teenager to my car insurance?
The good news is that most insurance companies will cover your teen at no cost while they have their learners permit, typically for up to six months. The bad news is that almost every insurance company requires that a teenager with a driver's license either be added to or excluded from your insurance policy.
If you have a teenager with a driver's license and do not add them to your insurance policy, you may be in a sticky situation if they ever use your vehicle. They would be driving without insurance, which is illegal in almost every state, and your insurance company would not be obligated to cover any damage they cause in an accident. Some insurance companies may cover the damage and allow you to backdate coverage to the date your teen received their license, but some companies won't offer you that benefit.
You can choose to exclude them from your insurance, but doing so means you are promising your insurance company that your teen would not ever be allowed to drive your car, not even to move it out of the driveway. If they ever used your vehicle and got in an accident they would not be covered.
How to save on teenage car insurance
There are many ways to save money on insurance for teenage drivers, including:
Article written by: Agent: Erin Lewis
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