Adding a young driver to your insurance policy can greatly increase your insurance premium. If your teenager wants to get their driver's license, you will need to add them to your insurance policy, and your premium is going to increase because young drivers are often riskier to insure than more experienced drivers. Luckily, you can take steps to help keep your insurance premium under control while having a young driver on your insurance policy.
Require Your Teenager to Get Good Grades
You need to let your teenagers know that they have to get good grades if they want to get their licenses and drive your vehicles. Most insurance companies offer discounts for young drivers who are still in high school and college if they get a particular grade point average.
Let your teenager know ahead of time they will want to aim to have a B grade point average so that they can work to maintain those grades. Then require your child to maintain a high-grade point average to drive your vehicle.
You will have to provide copies of your student's grade to your insurance company each semester to qualify for this discount.
Require Your Teenager to Take Driver's Education
You are also going to want to require your child to take a driver's education course. Some schools offer driver's education training courses that your child can take for free. Not all school districts offer driver's education classes, though.
If your child's school doesn't offer driver's education classes, you are going to want to sign your child up for outside driver's education courses. It may cost you upfront to pay for the classes; however, you will get a great discount on your insurance when you pay for driver's education training for your child. Driver's education will help better prepare your child for driving on the road and will help lower your insurance costs.
Be Strategic About the Car Your Teen Drives
Finally, you are going to want to be strategic about what vehicle your teenager drives. You may not want to give your teenager the oldest car, as it may be unsafe and drive up your rates, but you may not want to give your teenager the newest car either, as that may drive up the premium. You will want to assign your teenager a basic vehicle but has more unique safety features.
If your teenager wants to get their driver's license, you will want to require them to take driver's education, maintain good grades, and you should be strategic about the vehicle you assign your teenager to drive.
For more information about auto insurance tips, contact a local insurance company near you.
