Insuring Teenage Drivers and Earning Teen Driver Discounts

By
Services for Real Estate Pros with Think Glink Media

Having a teen driver is scary enough, having to insure them at insanely high rates make the whole downright terrifying.

 

Equifax Personal Finance Blogger Linda Rey has been talking about auto insurance all month. This week she wrote about insuring a teen driver and how to find discounts. Tune in to the site tomorrow to real my real estate blog.

From Linda:

After all the soccer games, cheerleading practices, recitals, etc., it’s convenient to have one (or ten) fewer errands to run yourself. A teenage driver may be helpful, but the statistics on teen accidents are alarming. If you allow your teen to become a licensed driver, you may have sticker shock when you see the premium charge of adding a teen driver to an auto policy.

However, there are discounts that can help minimize the auto insurance premium increase you’ll pay. Here are some guidelines for ensuring you get a good price on a family auto insurance plan:

  • Consider a car that has various safety features, such as antilock brakes and daytime running lights and an alarm system. Consumer Reports recently appeared on the CBS “Early Show” to demonstrate safe cars for teens and seniors.

 

  • Find out if your child is eligible for the good student discount. Typically, insurance companies like to see your child pull at least a B average.

 

  • Get an annual policy rather than a monthly or six-month policy term.

 

  • Don’t wait until the last minute to set up a new policy or renew an existing policy. Some carriers will offer a discount for giving several days’ advance notice.

 

 

For the full blog, including more tips on finding great discounts (including ways to save if your child is a college student) go here: http://insurance.equifax.com/2010/09/insuring-teenage-drivers-and-earning.html

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Rainmaker
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Pat Champion
Coldwell Banker Camelot Realty - Mount Dora, FL

Boy I know first hand about this topic experiencing this in my household with my son who is 17. It doesn't matter how good their grades are; if they are a good student boy's pay the price more than a girl.

Sep 23, 2010 12:36 PM #1
Rainer
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Victor Zuniga
Berkshire Hathaway Home Services California Properties - San Diego, CA

Thinking back to when I obtained my driver's license, at age 15 1/2 believe it or not, my parents had to first sign off on it and then add me to their insurance. I'm not sure what the added cost was but I do know that when I bough my first car at 17 and had to insure myself. Then I realized the amount of responsibility and cost that my parent aware willing to incur to afford me the privilege, because that's what a driver's license is for all of us, the liberty to go anywhere on my own.

Sep 23, 2010 01:27 PM #2
Rainmaker
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Ilyce Glink
Think Glink Media - Chicago, IL
Best-selling author, award-winning TV/radio host.

Pat - You're so right. Even when it comes to adult men vs. women's rates, there can be price disparity in your premiums. Thanks for reading!

 

Victor - We're definitely thinking about this in my house. My oldest son just started Driver's Ed. Responsibility is KEY for teenage drivers.

Sep 23, 2010 03:09 PM #3
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Rainmaker
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Ilyce Glink

Best-selling author, award-winning TV/radio host.
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