The economy is rotten. Paychecks are shrinking on a daily basis and jobs are hard to find. Despite these conditions, more than half of the parents involved in a recent survey said that they are willing to pay for their teen driver’s insurance.
That is no cheap undertaking. The average premium will increase by $1,000 per year for every teen insured. The stats are stacked against teens. Claims data has shown that teens are four times more likely to be in an accident than their older counterparts. Here are a few tips to help control that huge premium jump that you are facing.
- Chose a car with up-to-date safety features.
- Make sure your teen completes a drivers education course.
- Encourage your teen to keep a high GPA. Most insurers give a discount for good grades.
- Talk to your teen about drinking and driving, using cellphones and other devices, keeping the music down, and not having more than one other teen in the car at any time. These may not directly lower your premium, but can help to keep your child safe.
Getting a driver’s license is a right of passage that helps to lead to independence and responsibility. Wistfully, many parents dream of it being affordable to insure these new drivers. Unfortunately, all a parent can do is pay the premiums on insurance for teen drivers and grumble under their breath.