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Insuring a teen driver is often an additional cost for many parents. Many companies consider
drivers under the age of 25 a higher risk, and this often translates into higher premiums.
Here are some tips from the National Association of Insurance Commissioners (NAIC) to
help you get the best value for your auto insurance dollar.
1. Teen Driver Facts
According to the American Academy of Pediatrics, one-third of deaths of people ages 16 to
20 are due to motor-vehicle accidents. That's more than 5,000 teens a year. Faced with
those statistics, it's important to view teen driving as a privilege, not a right.
2. Lay the Ground Rules
Insuring a teen driver will result in additional costs for you, no matter which insurance policy
you choose. However, how well your teen respects the privilege of driving is a factor you can
control. Lay some ground rules for safe driving before your teen ever gets in the driver's seat.
Set up driving rules, including:
o Hours during which the teen can and cannot drive
o Number of friends allowed in the car at one time
o Number of miles teen is allowed to drive per day or week
You may also want to consider setting up a driving contract with your teen. The contract
should clearly list the teen's duties and responsibilities when driving and caring for the
vehicle and should be signed by both of you.
3. Purchase a Vehicle or Add a Driver?
You may not want to purchase a car specifically for your teenager, but adding another driver
to your policy can be costly. For example, if you drive a newer, expensive sports car, adding a
teen driver may considerably raise your premiums. However, a modestly priced economy car
with liability coverage may be more appropriate for your teen. Make sure you discuss options
with your insurance agent.
4. Give Complete, Correct Information
When you call for a quote or fill out an application, give complete and correct information,
such as make, model and year of the car the teen will be driving. Since your premium quote
will be based on this information, it is very important that your information be as accurate and
complete as possible.
5. Shop Around
It pays to shop around before buying insurance. Different companies can offer noticeably
different premiums. For example, if your child is an honor roll student, passed a driver's
education course or has a job, some companies may offer a reduced premium. Some
discounts include:
o Two or more cars on a policy
o Participation in driver education courses
o Good student driver under age 25
o Airbags or other safety equipment
o Anti-theft devices
o Auto/home insurance on same policy or with same company
6. Consider Revising Coverage, Deductibles
You may reduce your auto insurance costs by raising the deductibles on physical damage
(collision and comprehensive) coverages. Be sure to review your current deductibles to
determine whether you can afford to absorb a larger portion of your loss in the event of an
accident. Also, consider lowering or eliminating physical damage coverages on older
vehicles - unless a lienholder, such as a bank, requires it.
7. Regularly Review Your Policy; Update Accordingly
Regularly review your policy to make sure the basis for your premium is as accurate as
possible. Here are some things that can affect your premium: • Adding or removing a vehicle
from your policy • Teen graduates from high school or reaches the age 18
8. Get More Information
For more information, contact your state insurance department. You can link to your
insurance department's Web site by visiting www.naic.org. Click on "State Insurance
Regulators Web Sites," then click on your state.
The National Association of Insurance Commissioners is a voluntary organization of the
chief insurance regulatory officials of the 50 states, the District of Columbia and four U.S.
territories. The overriding objectives of state regulators are to protect consumers and help
maintain the financial stability of the insurance industry.
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Insuring A Teen Driver
The bad news is yes your rates are going up. The good news is you
don't have to go it alone. The staff at the Cornerstone Agency have
been insuring teen drivers since 1986. after you have had a chance
to read the article below from the National Insurance
Commissioners website give us a call at 770-413-0807 or request
additional information here on line.
The bad news is yes your rates are going up. The good news is you
don't have to go it alone. The staff at the Cornerstone Agency have
been insuring teen drivers since 1986. after you have had a chance
to read the article below from the National Insurance
Commissioners website give us a call at 770-413-0807 or request
additional information here on line.
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