Insuring the Teen Driver

The coveted DRIVERíS LICENSE! For your child, itís 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 maleís 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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