When Parents Pay for CoverageOne way to save money on car insurance is to have your parents add you to their existing policy. Their premiums will increase but not as much as a stand-alone policy would cost. They can save money by taking advantage of the following discounts:
- Multiple vehicles - save as much as 20% by insuring more than one vehicle at a time.
- Multiple policies - get up to 25% off premiums by purchasing car, life, and homeowners insurance from the same insurance provider.
Getting Coverage on Your OwnLet's face it, teens want to be independent. You want your own car and your own insurance policy. That is possible, but it will cost you. Fortunately, there are ways you can get cheap car insurance and save money:
- Get good student discount - if you can maintain a B average in high school or college, you may qualify for 15% off your insurance costs.
- Complete driver's education course - knowing how to drive defensively is invaluable, especially for new drivers. Several insurers reward drivers who complete approved classes by giving discounts up to 10%.
- Drive a safe vehicle - vehicles with anti-theft devices, airbags, and anti-lock brakes can save you 5% on premiums. Most insurers stipulate what type of ant-theft devices are covered by this discount. You can save more if your vehicle has a tracking system in case your vehicle is stolen.
- Buy an older car - new vehicles can be more expensive to insure because they cost more to purchase and repair. You can get lower rates when you insure an older vehicle that does not require comprehensive coverage.