Determine Whether to Add your Child to your Policy, or Purchase a Separate Policy
• Check with your insurer to see how your premiums are affected. Expect them to rise dramatically, but savings may be found through multiple car and good student discounts.
• If your child is driving an “old beater” that doesn’t require comprehensive or collision coverage, a separate policy, in limited instances, may save you money.
• Discuss your options with your insurance agent.
Consider your Teen Driver Coverage Choices
• Most personal auto policies won’t cover a driver transporting goods or services in exchange for a wage. So, if your teen is planning on becoming a pizza delivery driver, contact your insurance agent to determine if additional coverage is needed.
Find Ways to Save Money
• Consider vehicles with high safety ratings over sportier, more expensive cars.
• Think about raising your policy’s deductibles.
• Reassess your need for collision or comprehensive coverage.
• Ask about “occasional” or “pleasure-only” discounts, which may apply to children away at school.
• Explore usage-based insurance, which involves installing a device in the vehicle that monitors driving behavior and rewards good driving. It’s also a way to keep tabs on your teen’s driving.
• Have your teen complete a driver’s education course.
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