How Teens Can Affect Your Policy Rates
Generally for the teens driving means freedom and fun, but for their parents, it means sleepless nights and lighter wallets. In fact the concerns of the parents are valid. Drivers less than 25 years of age are four times as likely as older drivers to die in an accident, reports the National Highway Traffic Safety Administration; and as a result, adding a 16 years old driver to the auto insurance policy can come with a hefty price tag. In fact, premium increases from 50 to 100 percent are not unheard.
Shop Around
According to the Lewis Mandell, the professor of finance at the University of Buffalo, Comparison shop for teen-driver prices. While rates for 40-somethings may be fairly standard among an insurer, that is not always the case with younger drivers. One will also want to evaluate taking out a separate policy for his teen. Assuming a person and his spouse have a good claims record, he is probably best off simply adding his teen driver to his own policy and paying the increased premium.
On the other hand, if the driving record of a person leaves a lot to be desired or he drives expensive cars, it may be less expensive to get his teen a separate policy. Down the road, the person will want to check just when his insurer classifies young drivers as adults. At that point, the person should see a decrease in his rates.
While many insurance companies classify drivers as adults at age 25, some offer lower rates for 23-year-old drivers. Drivers who marry, even if they are younger than 25, may qualify for lower auto premiums. Also, as the teen becomes a twenty-something, it is worth checking whether he or she should move to a separate policy.
Free Auto Insurance Quotes
There are many sites offering free car insurance quote, and one can get low cost insurance from a reliable and efficient company.
The only way to save policy rate is to get a free auto insurance quote and one will see what the market has to offer. One could go from site to site to compare their rates, but that would just be big waste of his time. People should pick up the most reliable site to get a free car insurance quote instantly from multiple companies, so that he can save his time. There are numerous sites that provide an online insurance marketplace where people can comparison for car insurance simply by requesting a free quote.