Securing the Best Deal on Auto Insurance for Teen Drivers

Posted in Auto Insurance

For a teenager about to drive, the freedom and independence that come with finally getting a driver’s license is exhilarating. The open road awaits—but unfortunately, so does car insurance. As every parent of a teenager knows, finding a good rate on reliable coverage for a young driver isn’t always easy. Luckily, you have a few options. Here are some tips on how to secure the best deal on car insurance for teens.

Adding a Teen to an Existing Colorado Policy

In many cases, adding your teen to an existing auto insurance policy may be the most cost effective option. However, new drivers pose increased risk for insurers, and your rates will almost certainly go up. Nevertheless, even with a rate increase, maintaining one policy may cost less than having a separate policy for your teen.

If you choose to add a teen driver to your policy, you can always raise your deductible, which will lower your premium. However, in the event of an accident, expect to pay more out of pocket. If your teen will be driving an older vehicle, consider reducing insurance coverage to state-required, or liability only. State laws vary, and that can make a big difference in whether or not adding your teen or making changes to your current plan is a cost saving strategy.

Take Advantage of Discounts in Colorado

Is your Colorado teen a good student? If so, there are discounts available. In general, most insurers offer full time students who maintain a “B” grade point average a reduced rate on coverage. Other discounts are available too— bundle your auto and home insurance together to create a multi-policy, sign your teen up to take a defensive driver course and look into family specific plans that may offer different options for insuring young drivers at an affordable rate.

Install Anti-theft Devices 

Another easy way to keep car insurance for a teen affordable is to make sure the vehicle they drive is equipped with anti-theft devices. Discounts vary by state and by the actual device installed, but savings can be pretty significant. Anti-theft devices include steering wheel locks, alarm systems, and even some factory-installed deterrents. With the average dollar loss per theft at $7,680, equipping all your vehicles with anti-theft devices is not just a cost saving strategy, but a smart way to keep your investments protected.

Choose the Car Carefully 

If you’re looking to provide your teen son or daughter with a car, think carefully about the make and model—it could impact how much you pay for insurance. For instance, vehicle age has a direct bearing on premium rates. Older cars typically cost less to insure than newer models, as do sedans and minivans. Choose a sensible vehicle with a high safety rating over something sporty. If you can share a car, even better; making your teen a secondary driver, rather than a primary driver could lower your rate.

Finding reliable auto insurance for teen drivers doesn’t need to be complicated. With the right information and a few tips, you can get them covered with peace of mind and confidence. If you’d like to learn more about the laws that apply to you and how to save on teen car insurance, give us a call. We’re happy to help.

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