There are so many milestones that mark a child’s development beginning with that first birthday, first step, and first words spoken. Nothing however, can prepare a parent for the stress and additional costs associated with their child’s first foray behind the wheel of the family vehicle. Statistics have proven that teenagers are higher risk drivers, so parents looking for teen auto insurance may be in for a shock! To help you recover and save money too, here are some tips to obtain lower car insurance premiums when your teen begins to drive.
1) Boost those Deductibles
Raising the deductible amount on your teen’s auto policy will definitely lower your premiums. Insurance professionals understand that the bulk of teenage accidents are minor (thankfully) with scraped paint, dents and fender benders accounting for much of the damage. By making your teen responsible for the first $500 or $1000 of these repairs instead of your insurer, you can dramatically reduce the monthly insurance rates. Hopefully, teens driving around town with a $1000 dollar deductible on their policy will drive even more carefully.
2) Buy Newer and Choose Safety
If your teen is getting their own car, it is always a good idea to consider newer models owing to their built in safety features. While the inclination is to buy an older car because they are cheaper to purchase, over the long run they can be more expensive to maintain and insure, so be sure to research all your available options. Also be aware that vehicles that place a premium on safety, as opposed to speed and power always attract lower insurance rates. So in spite of your teen’s objections, consider buying a car that grandma would buy rather than one suitable for the racetrack.
3) Discover the Power of Telematics
As mentioned, teens have been identified as high-risk drivers, but new driver monitoring technology allows them to prove they are fully capable of making safe driving decisions. Telematics devices are now widely available and give parents and insurers a glimpse into a teen’s driving behaviour by monitoring:
- Braking habits,
- Turning, and
- The amount of kilometres actually driven.
Many insurance companies now offer special discounts for teen drivers who install telematics devices in their cars and demonstrate their safe driving habits.
Lower Your Teen Auto Insurance
To find out how you can get lower teen auto insurance rates, contact Mitchell & Whale at 1-800-731-2228 or email us at firstname.lastname@example.org. Why not see what our team of insurance experts can do for you!