Teenagers look forward to getting their driver’s licenses and hitting the open road, but parents are often apprehensive about the cost of adding a teen driver to an insurance policy. While insurance premiums can increase significantly with the addition of a teenager, there are a few ways to cut costs on an Auto Insurance Policy in Waukesha Wisconsin.
Raise Deductibles on Comprehensive and Collision Coverage
Raising deductibles on collision and comprehensive coverage to a minimum of $1000 can lower premiums and prevent families from filing minor claims that may eliminate a claim-free discount. Use the savings to add money to an emergency fund, and the family will be able to afford the higher deductible if anyone has an accident.
Eliminate Comprehensive and Collision Coverage On Older Vehicles
Families with teen drivers can save on an Auto Insurance Policy in Waukesha Wisconsin by dropping collision and comprehensive coverage on older cars that aren’t worth much more than the deductible. In most cases, drivers in such situations pay more in premiums than they could get back from the insurance company even if the car is considered a total loss.
Consider Buying a Safer Vehicle
Having the teen driver use a safer car can help parents sleep easier, and it can also help them keep auto coverage rates in check. Check a potential vehicle’s safety rating with the IIHS before making a purchase.
Encourage Kids to Get Better Grades
Most auto insurers offer substantial discounts for teen drivers who maintain a B average. College students must take at least twelve credits to be eligible for the discount, according to industry experts. If a child goes to a college more than 100 miles from home and does not have a car, the family can typically save on premiums but still be covered when the student comes home on vacation.
Ask About Other Discounts
Some insurance companies offer additional discounts for safety programs, which can reduce costs if a teen driver takes a class, watches an instructional DVD, or takes a test. Click Here to ask Business Name. what needs to be done to qualify for these discounts.
