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For many parents in Little Falls MN, having a new teen driver in the house can be an exciting, yet stressful event. It’s only natural that you worry about their safety. As the parent of a teen driver, it is your responsibility to teach them how to be responsible and safe drivers. One of the most important things to do to ensure your teen is a responsible driver is to maintain auto insurance on their vehicle. To make sure you get the best coverage for your teen, here are 3 common mistakes to avoid when it comes to insurance for your teen driver.
Carrying a Low Deductible
The deductible is the amount paid before a claim with the insurance company will kick in. In most situations, carrying a higher deductible lowers your premium costs. The rates for teen drivers are generally higher, so having a high deductible also means high savings on the cost of your teen’s auto insurance premium.
Carrying a Policy Separate From Parents
One of the first options you will have when insuring your teen is whether or not to get a policy that is separate from yours. Many parents think that if they purchase a separate policy for their teen, the rates for their vehicles will not go up. While this is partially true, the rate for a teenager’s policy will be significantly higher for several reasons. First, they will have single policy coverage, which means there will not be a discount for multiply cars on the policy and in many situations; you will have to buy a high risk policy. In the long-run, it will cost more to purchase a separate policy than to include your teen on your policy.
Not Taking Advantage of Discounts for Teen Drivers
One of the most costly mistakes to avoid is by not doing your homework. By simply talking with your insurance provider about the discounts your teen may qualify for, you can have a significant amount of savings on the premium. Some of the discounts your teen may qualify for include:
- Good student discount (for getting good grades)
- Driving a vehicle with both driver and passenger air bags
- Automatic seatbelts discount
- Safe driver (no violations for a specific period of time)
- Take a driver’s education class
When it’s time to insure your teen’s vehicle, be sure to take your time and compare your options. Talk with your current insurance provider about optional policies. Along with ensuring your teen is properly insured, it is also important to talk with your teen about the rules of road and being a safe driver.
Residents of Little Falls, MN who want to review or upgrade their current insurance policy should contact Hanneken Insurance Agency Inc.