Your son or daughter just turned 16 and are dying to get their driver’s license. No big deal, right? Until they start shopping for car insurance. Insurance can be extremely expensive for a young driver. Statistics show that the chances are that young driver is going to have a wreck sometime in the learning process and the rates definitely reflect this. However, there are some steps you can take to make sure you are getting the best deal for the best coverage.
First, call an independent insurance agency. Independents represent multiple insurance companies. This way with one call they can quote various companies for you. Thus saving you time and headaches. All insurance companies have a niche in what they like to write and what they are most competitive writing. Unless you want to make 50 different phone calls an experience independent agent can find the best company for you.
Second, even if you want to make your son or daughter pay for their own insurance, do not, I repeat do not, make them get their own policy. Yes, if they have an accident or get a ticket it make effect everyone’s premium in the household, but in the long run it will still save both you and your son or daughter money. If you own a home your son or daughter will get the homeownership discount on their vehicle. They will also get a multiple vehicle discount since they are not just insuring their vehicle on the policy.
Third, buy, or have your son or daughter buy, a cheap car. Not an unsafe car, but a cheap car. If you purchase a car that will only need liability coverage you will save yourself or your son or daughter a lot of money. Comprehensive and collision coverage can be very expensive on a young driver. If you insist on buying a new car for your child call your insurance agent and get quotes before you purchase the vehicle. The symbol (an insurance ranking) of the vehicle can make a big difference in premium. They can give you an idea of this before hand so you do not end up with a big surprise.
Finally, ask about any available discounts. Many companies offer good student discounts, drivers training discounts, etc. Make sure and ask and if any additional paperwork is required to receive the discount follow through and get the paperwork completed and returned to the agent.