It is a well-known fact that the cost of insurance alone can prevent
some teens from driving. However, when armed with the right information,
you can get affordable coverage at any age. Getting
cheap auto insurance is even possible for teen drivers.
When Parents Pay for Coverage
One 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.
They will save more if they have a clean driving record. The more
discounts they qualify for, the more they can save when adding you to
their policy. Depending on their budget, it may be possible to increase
deductibles to lower premiums even more.
Getting Coverage on Your Own
Let'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.
Since you are probably not earning much as a teenager, you should not
increase deductibles as a way to get lower premiums. It is better to
pay more for lower deductibles so you are protected as much as possible.
Insurance is not only legally required, but it is good financial
protection for young drivers who are more likely to be in an accident.
With
cheap car insurance, you get coverage you need at rates you can afford!
