Every parent has a horror story of when their child started to drive, whether it is them driving too close to the center line, getting into a fender bender or being pulled over for speeding. There are also the horror stories of when parents add their young driver to their auto insurance policy. A young driver on a policy often times will double and in some cases triple monthly payments. The reason is very simple, young drivers are more of a risk due to their lack of experience on the road. As time goes on and the driver is on the road for more and more time, the rates will come down but in the meantime there are a few things you can do as a parent to make sure you are keeping the rate of your Hispanic insurance as low as possible.
Adding a young driver to the insurance policy:
- Shop your rates online – Every auto insurance company rates drivers differently, so shopping your rates will help you find the best match for your situation. Be sure to research each company to make sure you are maximizing your rates.
- Bundle your policies – Do you have your home insurance and care insurance with the same company? If you bundle your policy you will often times receive a great discount.
- Review your policy and make sure you are getting all the discounts necessary – Bi-Annually you should be calling your insurance company to review your policy and make sure you are properly covered and are receiving the discounts you are looking for.
- Have a talk with your young driver and explain how insurance works – When your young driver realizes the impact that they are having on the insurance premium, they will be a hopefully be a safer driver. Accidents and tickets for a young driver have a huge effect on the premium, so educate them as much as you can.
There is no magical formula to insuring your young driver, but if you follow these steps you will keep your rates as low as possible.
Do you have a horror story about adding a young driver to your policy? Do you have any additional tips for insuring a young driver?