English
SpanishHow to Keep Teen Car Insurance Rates Low
As a parent with a teen driver, you’re already well aware of how high premiums can be for teen car insurance. Indy Car Financing wants to help you save more money on your car insurance rates, which is why our experts developed this handy guide to keeping teen car insurance rates low.
Getting Help From Your Young Driver
There are a variety of ways that teens can help lower their rates on your insurance policy. Some examples include:
- High Grades: Some auto insurance companies offer discounts for students with a certain grade point average.
- Driver’s Education: Not every state requires driver’s education, but most providers will give teens a discount if they successfully complete a driver’s education course.
- Consider Extra Training: In addition to traditional driver’s education programs, taking other driver training courses could reduce your insurance premiums even more.
- Forego a High-End Vehicle: Newer, more expensive vehicle vehicles are generally more expensive to insure than an older car.
What Parents Should Do to Reduce Teen Car Insurance Rates
Now that your teen is helping you to save money on their insurance premiums, here are some ways you can decrease their rates as a policyholder.
- Multi-Vehicle Bundles: If you add another vehicle to your current insurance policy, you may be eligible for a discount.
- Increase Your Deductible: Raising your deductible could decrease your insurance rates. If you choose to double your deductible, your rates will go down automatically.
- Rethink Coverage: Depending upon how old your teen’s car is and whether or not it’s financed, it might make more sense financially to forego comprehensive coverage or collision coverage.
- Listing Your Teen Driver: Instead of listing your teen as a primary driver on your insurance policy, consider classifying them as an “occasional” driver.
Ask for Other Car Insurance Discounts
Don’t hesitate to ask your insurance provider if you’re eligible for other discounts. Chances are that you could receive a car insurance discount that has nothing to do with your teen driver. For example, being a loyal customer with the same provider for a long period of time, accident-free, and fully paying your annual premium could net you insurance discounts automatically.
With these tips in mind, you should be able to easily lower your teen’s car insurance rates.