Parents of young drivers know all to well the costs around getting a new driver on the road. Due to inexperience and increased numebr of driving mistakes when starting, insuring these drivers with their new found driving freedom are costly.
So there are a few things you can do to set up your insurance rates to be as low as possible for this scenario.
Good Student- Most insurance companies offer a discount to students with a cetain grad point average or ranked in a certain percentage of their class. To get this discount most will require school transcripts or report card.
Choose the right car– If the young driver is going to have his/her own vehicle. Choose a car with high safety ratings, not a flashy sports car. This will keep the teen driver safe as well as save on premium.
Driver Training Courses- Many insurance carriers offer discounts for drivers both teen as well as adults who take defensive driving and other driver safety courses.
Low Mileage Options- This one is not just specifically for new drivers, but can help with this as well. Most young drivers do not put mileage of a commute on the vehicle the driver. Track or limit mileage usage to find out if low mileage can be assigned to their vehicle to trim down rates.
Add to Your Policy- Young drivers, both teens and college age, generally receive better rates if added to their parents policy and not separate.
Stress Being a good driver- Lead by example and stress the importance of distraction-free driving. Set ground rules of behaviors that are and are not allowed in their vehicle. Good driving not only ensures their safety but also keeps premiums from sky rocketing due to driving mistakes.
Although these discounts may not completely offset the costs, they can help take the sting out of adding the new driver your policy. Keep these things in mind if you have or will soon have a new driver on your policy.