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Have a Teen Driver? Learn How to Save Money on their Car Insurance.
by Pete Glocker
Boca Raton, Fl -- Did you know when parents add their teens to
their car insurance policies, premiums can jump from 100 percent
to 355 percent even if the teen is driving the family minivan?
There are several different ways to get lower premiums for your
teenagers. Many insurance companies offer online tutorials that
teenagers can take and if passed, companies will offer
substantial discounts. For example, State Farm has an online
tutorial called "Steer Clear" and if the new driver passes it,
State Farm will give up to a 15 percent discount to first time
drivers. Many other insurance companies have similar online
programs that offer discounts for teens. Esurance, an online car
insurance company, gives discounts every six months for clean
driving records. Yes, a clean driving record means no speeding
tickets.
According to Statefarm.com, here are a few insurance tips for
teen divers and their parents.
* Call around to different companies and compare prices with
discounts that will better suit your needs.
* Be aware that your insurance rates will typically be increased
when a new driver is added to the policy. If you are not adding
a new vehicle to the plan, it is best to have the teen as a
primary driver of one of the family cars.
* Take advantage of student discounts. In most states, students
at accredited high schools, colleges and universities can get
discounts if they have a grade point average of a B or higher.
* Talk to your teen about safe driving habits and how traffic
violations can increase their rates.
* If you are planning to buy a brand new car for your teen, you
may want to check which vehicles get the best rates.
* Most Insurance Companies use three different ways to rate cars
in terms of damage, safety and liability.
1. The Damage and Theft Index (DTI), rates vehicles on the cost
of payment for damage and theft.
2. The Vehicle Safety Discount (VSD), awards discounts up to 40
percent for car models that generate lower payment for injury to
occupants in the vehicle.
3. The Liability Rating Index (LRI), rates vehicles on the
amount of damage and injury it causes to the other vehicle and
its occupants.
* Consider getting a Personal Liability Umbrella Policy (PLUP).
If you or your teenage driver accidentally injures someone or
damages their property, you could be sued. Even though your
underlying policies may provide substantial liability limits, it
is not uncommon today for juries to award damages that exceed
those limits.
There are many different areas insurance companies look into
while quoting you a premium for you and your teen. Companies
will look at what kind of deductible you want, the kind of car
you drive, the areas you drive in, the amount of time you are on
the road, your age and sex, your driving record and even your
credit history. So if you live in a major metropolitan area with
high auto theft rates, chances are your rates will be much
higher than a person who lives in the suburbs with low auto
theft rates.
Here are other ways to save yourself and your teen some money
when buying car insurance.
* Most companies give an Anti-Theft Device Discount for cars
that have car alarms and other forms of security.
* If you have ever been convicted of a moving violation or have
been an in accident, take Driver Improvement Courses to improve
your chances of having a lower rate. Many of these courses can
be taking on the Internet now.
* Teens can get discounts if they complete a Drivers Education
course through their school or accredited agencies.
* Vehicles that have airbags, anti-lock brakes, head restraints
and day-time head lights can also get you a discount on car
insurance.
Everyone knows that car insurance can be really costly, but
there are ways to slash the price if you ask about them
About the author:
Pete Glocker is employed in the Education and Charitable
Services Department at Debt Management Credit Counseling Corp.
("DMCC"), a 501c(3) non-profit charitable organization located
in Boca Raton, Florida. Pete graduated from Florida Atlantic
University with a BA in Multimedia Journalism and is an
experienced web producer for Tribune Interactive products
Sun-Sentinel.com and SouthFlorida.com. E-mail Pete at
pete@dmcccorp.org
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