If you have kids entering their teen years, one concern you may have is the cost of insurance once they start driving. Coverage for an inexperienced teen driver can be expensive, and when you have more than one teen, the cost quickly mounts. Here are some tips that might help you get the best price when your teens start driving.
Add Them To Your Policy
Although adding teen drivers to your policy makes the payments higher, they won't be as high as they would be if your teens took out an independent insurance policy. Even if your teens are working and want to pay their own way, consider adding them to your policy so they get a break on their insurance rate. They can pay you rather than the insurance company and receive significant savings.
Bundle All Your Coverage
If you have your insurance policies spread among different companies, see if you'll qualify for a discount if you bundle them all with the same company. Having all drivers in your family as well as your house, boat, and motorcycle insurance with the same company might save money over having the policies spread around. You might not be able to bundle life and health with your car insurance, but the more you can group together, the more you should be able to save.
Look Into Available Discounts
Your teens might qualify for discounts if they take a formal driver's education class or if they get good grades in school. You and your spouse might get a discount if you're over a certain age or if you take a defensive driving course. Insurance companies have different policies, so call around and find which ones offer discounts.
Buy Used Cars
If your teens will have their own cars, then you'll want to buy models that have lower insurance rates. Used, older model cars cost less to insure than new sports cars. Compare prices of insurance for different models of cars before buying a new family car and when buying cars for your teens so you can factor in the cost of insurance when making your decision.
Having multiple kids go through their teen years at the same time takes a huge bite out of your budget, but the teen years will soon pass and the kids will eventually pay their own way. By taking price breaks when you can get them for expensive things such as car insurance, you can get more value for your money. Contact an agency, like United Counties Insurance Group, for more help.
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