There’s no way around it. Teen drivers do cause the family’s car insurance premiums to go up, because statistically immature drivers are at higher risk for accidents. Teen drivers aged 16-19 are three times more likely to be in a crash than drivers aged 20 or older. The good news is Lakewood Financial is here to help you protect your financial assets while helping you find affordable car insurance for your teen driver.
Here are some ways to make adding your teen driver to your car insurance more affordable while still keeping your financial assets protected:
First, if you haven’t already added your teenager as a driver on your car insurance policy, now is the time to do so. If you don’t and he or she is in an accident, you may not be covered.
If you’re buying a car for your teen driver, choose wisely to avoid most expensive premiums. Save on premiums by choosing a safe vehicle that’s not too expensive or sporty.
It’s almost always more cost effective to add your teen’s car to your family’s car insurance policy so that you benefit from discounts like multi-car and homeowner’s. Another benefit is that your teen will be covered if he or she needs to drive another of the family’s vehicles.
Emphasize safety rules with your teen driver. The best way to keep insurance costs down is for everyone to maintain clean driving records. If your teen driver is also a safe driver, your premiums should eventually decrease.
Ask your insurance agent about all available discounts, including those for safety features, good student discounts, and for taking a recognized driver’s education course.
Make sure you have adequate liability coverage. That may seem counterintuitive, but insurance premiums are never as expensive as being sued! If your teen driver is at fault in an accident where someone is injured and your policy doesn’t have bodily injury coverage, you’ll be required to carry an SR-22. And if you only carry the state minimum, that may not be enough to protect you from a lawsuit. Depending on your assets, once your teen starts driving, you may want to carry higher liability limits, or even an umbrella policy. Your Lakewood Financial agent should be able to help you understand and adjust your needs for liability insurance.
Lakewood Financial is an independent insurance agency and we represent more than 40 car insurance companies. Let us find the most cost-effective car insurance policy for you and your teen driver. Call us at 941-747-4600 or email us for a free, no-obligation quote. We’ve been serving Sarasota/Bradenton, Lakewood Ranch, and surrounding areas since 2003, and we’d love to serve you!