Insurance & Divorce: Parenting: Insuring Your Young Driver:
The coveted DRIVER'S LICENSE! For your child, it's the ultimate key to freedom. And for
you? You probably see it as a tiny, laminated promise of many, many restless nights
stretching into the future. There is no getting around it -- this is a stressful time for parents.
Here are a few things to keep in mind as you reevaluate your auto policy now that you
have a teenage driver in the household.
Things you should know about Auto Insurance
Young drivers = large premiums
If you think watching your teenager get behind the wheel of your car is stressful, wait until
you find out how much it will cost to add your young driver to your auto policy -- especially
if that driver is your son. Your annual insurance premium could more than double when
you add a 16 year old male driver to your policy. In fact, a 17 year old male's auto
insurance premium is typically 3 times as much as that of a 30 year old male.
And now for the GOOD news. Really! Your child may qualify for discounts.
When pricing auto insurance for a teenage driver, you should ask about every possible
discount that might cut your cost:
- Good student discounts - commonly given to students under age 25 who maintain
a "B" average or better
- Completed driving training and defensive driving courses
- Restricted mileage - eligibility typically requires driving less than 7,500 miles annually
- Anti-lock brakes
- Seat belts and air bags
- Anti-theft systems
- Not a "sports" car
- Not a "theft likely" car
You may also want to upgrade your auto policy in other ways.
Ask yourself a few questions:
- Do you carry enough liability coverage?
- Do you want to add coverage for an emergency road side service?
- Do you need towing reimbursement coverage?
- Do you need rental reimbursement coverage?
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