Your teenager just got his driver’s license. How exciting—and how expensive!
Why your insurance rates go up when you add a teenage driver
There’s no way around it. Teen drivers do cause the family’s auto insurance premiums to go up, because statistically immature drivers are at higher risk for accidents. Teen drivers aged 16-19 are three times more likely to be in a crash than drivers aged 20 or older. The good news is L & M Insurance Group is here to help you protect your financial assets and make the most cost-effective auto insurance choices possible.
How to make auto insurance more affordable when you add a teen driver
Here are some ways to make adding your teen driver to your auto insurance more affordable while still keeping your financial assets protected:
- First, if you haven’t already added your teenager as a driver on your auto insurance policy, do so now. If you don’t and he or she is in an accident, you may not be covered.
- If you’re buying a car for your teen driver, choose wisely to avoid the most expensive premiums. Save on premiums by choosing a safe vehicle that’s not too expensive or sporty.
- It’s almost always more cost effective to add your teen’s car to your family’s auto insurance policy so that you benefit from discounts like multi-car and homeowner’s. Another benefit is that your teen will be covered if he or she needs to drive another of the family’s vehicles.
- Emphasize safety rules with your teen driver. The best way to keep insurance costs down is for everyone to maintain clean driving records. If your teen driver is also a safe driver, your premiums should eventually decrease.
- Ask your insurance agent about all available discounts, including those for safety features, good student discounts, and for taking a recognized driver’s education course.
- Make sure you have adequate liability coverage. That may seem counterintuitive, but insurance premiums are never as expensive as being sued! If your teen driver is at fault in an accident where someone is injured and your policy doesn’t have bodily injury coverage, you’ll be required to carry an SR-22. And if you only carry the state minimum, that may not be enough to protect you from a lawsuit. Depending on your assets, once your teen starts driving, you may want to carry higher liability limits, or even an umbrella policy. Your L & M Insurance Group agent should be able to help you understand and adjust your needs for liability insurance.
Why parents choose L&M Insurance Group to insure their new teenage drivers
L & M Insurance Group is an independent insurance agency, and we represent more than 15 auto insurance companies. Let us find the most cost-effective auto insurance policy for you and your teen driver. Call us at 813-672-4100 or email us for a free, no-obligation quote. Our staff has been serving Riverview, Brandon, Lithia, Valrico, Bloomingdale, and surrounding areas for 25 years, and we’d love to serve you!