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Lower Insurance Costs When You Have a Teenage Driver

a driving testMany people struggle with spiking insurance premiums, especially when their kids come of driving age. However, this doesn’t have to be the case because you can snag the various discounts available and keep the costs low.

It is only natural for teenagers to go after their driving license with great zeal when they come of driving age. As exciting as the development is to them, it spells bad news for your insurance premiums. Giving the high crash rates among teen drivers, they are considered high risk, according to car insurance experts in Aurora.

As a result, the cost of your insurance coverage is going to spike. Luckily, your wallet doesn’t have to take a beating because of this development.

Help Your Teens with Homework

They’re probably not the first thing that comes to mind when looking to lower your insurance premium, but surprisingly, grades count. See, insurance companies tend to reward students who perform well in school with good discounts. If your kid is under 25 years and has a 3.0 GPA, they are eligible for a discount.

The savings could be anywhere between 15 and 35 percent off the standard rates. The rates vary between insurance companies, and you need to look for the firm with the best prices.

Insist on Extra Driving Classes

Insurance companies consider teenage drivers risky. According to the CDC, teen drivers were responsible for 11 percent of the motor vehicle injuries in 2013, totaling about $10 billion. To this end, your insurance costs are likely to double when your teen becomes of driving age.

Inexperience and poor driving skills are mainly to blame for the high accident levels. Therefore, enrolling your teen in advanced driving classes lowers this risk factor, much to the delight of your insurance company. Taking a state-approved driver improvement class entitles you to discounts that can run as high as 15 percent.

While having proper insurance coverage is a legal requirement, the cost of such a package can be prohibitive. With a little effort, you can ensure great coverage without spending much.

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