With all of the different car insurance companies and the large variety of coverage plans they offer, shopping for car insurance for your teenage boy can be a daunting task. There are many factors that determine the cost of insuring your young driver, some of which you can not control but some you can.
Even though some factors that determine your rates are out of your control, there are still several things you can do to insure that you get a below average premium rate for your insurance provider.
1. Pay a higher deductible amount.
Increasing your deductible can be a very effective way to lower the insurance rates for younger drivers. The deductible is the amount of money you are willing to pay for damages before the insurance money begins to pay. Deductibles can range from as little as nothing to a thousand dollars.
If you will pay a higher deductible you can reduce the annual premium substantially for your teenage driver. Every insurance company is different so be sure to check with each company as to how much an increase in your deductible will lower your premium.
2. Ask about discounts.
There are a number of factors that contribute to available discounts from your insurance company. Insuring more than one car with the same company may entitle you to a discount, or having a homeowner policy with the same company that insures your car.
Most insurance companies will offer discounts for students who maintain a higher than average grade point average on their report card. Also if your student driver has completed an approved driver training program they may qualify for lower rates.
Make sure that you ask your agent about all of these discounts because they will not always offer up the information without being asked.
3. Teach your teenage boy about the value of a good driving record.
If your teenage driver is just starting out, he has no driving record. But this is a great opportunity to coach him to drive safely and obey the traffic laws so that in three or four years, when the insurance company reviews his driving record, he has a much better chance of having his rates reduced because of his safe driving history.
4. Adjust your coverage for an older car.
If your teenager is driving an older, safe car, you should consider dropping the collision portion of your coverage. If the book value of the car he is driving is less than the cost of repairing or replacing it, you can save a lot of money by just having liability coverage to cover the cost of damages to other people's property and personal loss.
You can determine the value of your car easily by going online to one of the many free car appraisal websites on the internet. Insurance companies usually use the NADA book value to determine the value of your wrecked vehicle.
These are four very simple but effective guidelines to making sure that you do not spend more money than is absolutely necessary when searching for car insurance for teenage boys.
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