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Buying Car Insurance for Teenagers

Updated on September 23, 2012
By Thue (Own work) [Public domain], via Wikimedia Commons
By Thue (Own work) [Public domain], via Wikimedia Commons | Source

Teen drivers are considered as the most risky customer segment by auto insurance companies. If you are a parent and you need to buy insurance for your teenagers, then you need to do your homework before even buying the car for your teen that is going to drive. Reviewing available discounts, insurance rate for cars, and right coverage selection can save you time, money and provide you peace of mind.

Why are teenager drivers assumed risky by insurance companies?

Insurance companies like to see driving history record to assess the risk. Teenagers do not have one yet.

Insurance companies assume teenagers are very social, partying people. Possibility of driving when they are drunk is high. Since teenagers are social also they are possibly cannot stand on peer pressure. They lack the wisdom of slowing down and not texting while driving.

These lists go on and on. One way to proof that is not true; teens need to start building safe driving history record to bring the insurance premium down. This is not possible until before buying the auto insurance for teenagers.

Follow these strategies

1) When your teen is on a learner permit: You should add the teenagers to your auto insurance policy when they get their learner permit. Some insurance company does not require coverage on a learner permit driver. You should add the teen families oldest and the least expensive car. This will help you only sometime when your teen becomes standard driver then you should immediately think about getting coverage for your teen.

2) When your teen is on a driver license: run 2 scenarios to see keeping the teen in your existing policy may make sense if your premium does not go more than the benefit having multiple car discounts in your policy. Do not buy fancy little hot car for your teen. These cars are flashy for teens and auto insurance companies charge large premium or those cars. Think older cars for younger drivers, premium on older cars are less expensive.

Raise the insurance deductible in your teen’s policy. It brings down the insurance premium. For example raising the deductible from $100 to $500 can bring down the insurance premium 10% to 20%.

Get multiple quotes: This is easy at your fingertips. You can go to online websites enter information and get quotes from much major auto insurance company. Sometime quotes differ greatly. You may end up paying $1000 per year in some cases

Check insurance prices before you buy any new car for your teen.

Auto insurance companies differentiate themselves from each other. Some companies focus on getting everything done online so that they can save operational cost and advertises that they are passing these savings to consumer and provide convenience to consumer. Others promote having local contact when you have question. Others install a device to your car require you to drive safe. So ask if they have any program to bring down the cost for your teen’s first insurance policy.

Is your families’ auto insurance under 1 policy or separate?

See results

What are the available auto insurance discounts for the teenagers?

Insurance companies give 10% to 25% discounts if teenagers have grade of B or better.

Going above the basic to get driver license helps too. If teen takes additional driving training course can become eligible for additional discounts.

Please have your say and comment. I like to keep this article alive and update time to time based on feedback and comment provided.


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