Younger drivers have more difficulty finding the best insurance for their needs than older drivers. Insurance companies typically charge higher rates for teenage drivers because they see teenagers at a higher risk of accidents. As teenagers don’t have much driving experience, they can’t prove to their insurance company that they’re safe drivers.
Keep reading to learn about the four types of car insurance for new drivers and which is most appropriate for your teen. Our guide will help you pick the best type of car insurance that doesn’t break your budget but also keeps them safe from harm.
Finding Affordable Insurance for New Drivers
Teenagers are at a high risk of getting into accidents and they should be given the opportunity to secure affordable car insurance while they learn how to drive. Insurance companies can take advantage of this situation and overcharge. That’s why you need to look for a car insurance company that offers low cost coverage. This may be difficult for your teenager as they’re at the stage where they want to save up money in order to go to college or move out of your home.
If your teenager doesn’t have a car yet, or if they just moved out of the family home and started college, you would be surprised to find out how cheaply auto insurance is! A quick online search can get you up to 75% cheaper rates.
Best Types Of Car Insurance For Teens
Teenagers are more likely to get into an accident than older drivers, which means that they might not be completely covered for all their needs with just the type of car insurance coverage their parents have. Keep in mind that there are other types of car insurance specifically tailored for teenagers.
1. Comprehensive coverage: this insurance covers damage to your vehicle caused by events that your teenager didn’t cause. Examples of covered events would be vandalism, theft, or someone breaking the windshield of their car.
2. Uninsured and underinsured motorist coverage: this insurance coverage helps to keep your teenager safe if they experience an accident with someone who doesn’t have car insurance. Unfortunately, even though car insurance is mandatory for drivers, many people choose not to get it.
3. Liability coverage is the minimum amount of insurance you’ll need. Your teenager can get entailed in lawsuits and claims if they accidentally injure other vehicles with their car.
4. Your teen driver will have a stressful time if they have to worry about paying for the car repairs. Collision insurance can be a good investment so they don’t have to ruin the family’s finances while everyone else has to wait on their license.
Protect your teen with the right level of car insurance to make sure they’re not left without financial coverage in case something happens. Accidents can happen at any time, and teenagers may be more susceptible to getting into accidents than others.
Ways To Lower Your Teen’s Car Insurance
No matter which insurer you choose, they will always have high rates. Fortunately, many insurers offer ways to lower them. The following are methods to help you choose the right one:
• For safety reasons, purchase a car with anti-theft and safety features for your teenager.
• You can’t avoid an accident happening at some point. By raising your deductibles, you know you’ll be able to afford it if it does happen, so you don’t have to waste time scrimping and saving for the months after an accident.
• Allow your teenager to join you on your vehicle insurance.
• Ask your insurance company if they offer programs and discounts that can help you become a safer driver.
While some insurance companies offer discounts for drivers under 25 if they install a certain monitoring device, there are also safety and security risks that should be taken into account.
Final Thoughts
Looking to purchase insurance for your teenage driver? This can be tricky as they tend to involve higher premiums as a result of the risks they pose compared to adult drivers. However, you can cut these costs down by looking for affordable insurance companies, asking about programs and add-ons that will help protect them, and compare rates and policies before insuring your teen.
You should seriously consider getting your teen comprehensive insurance coverage which includes uninsured/underinsured protection and collision to keep them safe on the road.
