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Teenagers behind wheels are the cause of nightmares for many parents and teen driver safety is high on the priority list. High insurance rates for teenage drivers adds additional stress to parents.
Not only is it financially taxing to insure teenagers but factors such as the type of car you buy for your teenager can send your insurance bill skyrocketing.
According to Forbes, insurance rates have been rising precipitately for the past few years, and are expected to continue on this upward trend in the future.
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If you are planning to buy your daughter or son a sleek, sporty convertible, a hulking SUV, or another high-performing vehicle, get ready for insurance price shock.
These types of cars are seen by insurance companies as being magnets for speeding and other risky driving behavior.
An SUV or a truck is also outrageously expensive to insure because insurance companies find that many are too bulky for teens to handle and have higher chances of rollover as compared to cars.
In fact, a study quoted in U.S. News and World Report finds that SUVs are more likely to roll over when driven by teens.
Crash tests conducted by the Insurance Institute for Highway Safety are released every year and list certain cars as poor performers.
If you purchase one the cars on this list, you are likely to be hit with higher than usual insurance rates.
If you list your child as a primary driver for your luxury car, your insurance bill is likely to hit the ceiling. After all, expensive cars are expensive to repair and replace after an accident!
A surcharge is an amount that is tacked onto your insurance premium in case of certain incidents such as getting a traffic ticket or a citation for a moving violation, for causing an accident, or, in some states, for being hit by an uninsured or underinsured driver.
If you get a ticket or a citation, it indicates rash or reckless driving. To an insurance company, such action portends accidents that can cause bodily and property damage.
If your teenage driver causes an accident or gets a ticket, the surcharge is likely to be much higher. Additionally, the surcharge is likely to remain on your bill for as long as five years.
The surcharge is intended to protect the insurance company from any major losses caused by your teenager.
However, these tacked on charges can be outrageous and largely discretionary for the insurance company.
The gender wars are alive and kicking in the insurance world!
If you are going to add your teenage son to your insurance policy, get ready for higher rates.
According to some studies, adding a teenage girl driver to an auto insurance policy is likely to double your cost, but a teenage boy might triple your insurance bill!
Research has shown that teenage boys are likely to start driving earlier and are riskier drivers.
However, as the number of girls driving has been going up, there has been a steady increase in their insurance rates too.
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Now that your child is driving, it is time to do some research to find the best ways to lower your insurance bill.
Some of the important steps are as follows:
If you can convince your teenager to remain a passenger for another year, more power to you! If not, it is time to sit him or her down for a serious conversation about safe driving.
The following tenets should be non-negotiable and if there are any slip-ups, they should come with severe consequences.
After all, not following these rules can result in grievous injury, damaged property, and even, death.
As parents, you need to be vigilant about how and when they drive, as well as with whom and how often.
Additionally, you need to set a good example by driving carefully, wearing your seat belt, and following all traffic regulations.
Getting a driving license is a rite of passage for most teenagers. For parents, it is a time of pride and stress.
However, talking to your teen about safe driving and getting the best insurance possible will go a long way towards alleviating your tensions.
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