Insuring Your Teen Driver as an Older Parent

Mark McCrell is an auto aficionado who loves to drive his 1974 Buick LaSabre around town and write about all things auto. He currently blogs for the website AutoInsuranceQuotes, which specializes in cheap auto insurance. 

Of all the benefits and drawbacks of becoming a parent later in life, a strong benefit is that you are most likely more equipped to handle the financial challenges that accompany raising a teenager. This is most true when it comes to adding your teen driver to your car insurance policy. Your greater age and experience are powerful allies to have in your corner for this fight. Here are some tips for surviving adding your teen to your insurance policy. 

You have some good things on your side as an older parent: 

● Your credit score is generally higher 

● You’re more likely to be married, which can lower your premium overall 

● You’ve most likely been with your insurance company for a long time 

● You’re more secure in your financial affairs, including investments and saving 

● You’re more likely to be a homeowner, in which case you can bundle home and auto 

● You’re more likely to have multiple cars under the same policy 

Tips to insure your teen driver for less: 

Give them an inexpensive, safe car 

If you are giving them a car, make sure that it’s a safe car that’s cheap to insure. They may beg for the dragster or the muscle car, but if you put your foot down and get a car that’s safe and reliable, then you can make sure they are safe and save money on insuring your teen. 

Raise their deductibles 

Raise the deductibles on your teen’s policy to $1,000 more. They are almost sure to have a few small dings and scrapes along the way and if you don’t have to file a claim for every paint scratch, then you will save money in the long run with a claims free discount. 

Drop the comprehensive coverage 

If your teen is driving an older, or less expensive car, you may want to drop your comprehensive coverage entirely. If your car is worth less than the deductible, then you definitely want to consider dropping it off your policy. 

Continued education 

Enroll your teen in a defensive driving course, or some insurers will send an information packet out or instructional DVD to your teen. If they complete the included material, then you could get another break on your insurance. 

Don’t let your teen modify their car 

Many teen drivers may be in to learning about car modifications that make cars look cooler or driver faster, but these modifications can lead to huge jumps in your insurance premiums. If you modify your car to give it more horsepower or modify the body to make it look “sleeker,” then it could pose a greater risk for theft or vandalism. If your teen wants to help modify a car, just make sure that it’s a friend’s car. 

There are lots of tools in your tool belt as an older parent that will help you to build a better financial future for your teen driver. Make sure you take advantage of your wisdom and experience and turn it into extra money in your pocket each month, just in case your teen wants to borrow money to go to the movies.