Many parents become so distracted when facing the frightening prospect of letting their teen loose on the open road that they temporarily forget one huge detail: teen car insurance! Rather than fainting when you get the bill, do some research ahead of time to see how you can cut the cost.
Lets start from the beginning. Why does it cost so much to get those little hoodlums out on the road? The statistics are out of control: 16 year olds crash more than any other age, 15 - 20 year olds are more likely to be involved in fatal crashes than any other age, extra passengers cause the collision rate to rise, and too many teens drink and drive.
Insurance companies are well aware of all of these facts and price accordingly. They have years of records to base thier prices on.
There are a few ways to lower the cost, however. Insurance companies like to see a vehicle with a high safety rating. Some companies may even offer discounts for students with good grades. Keep your teen on your insurance instead of springing for a separate plan. Insurance plans which include more than one vehicle and home coverage can also save money.
If you do your part in the money saving game, your teen should too. When teens receive a traffic ticket their insurance will skyrocket. Consider enrolling them into traffic school, or letting them pay part of their car insurance. Understanding the consequences of traffic violations at a young age will help save money - and lives - down the road.
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