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by on Jul 03, 2017

Avoid Costly Premiums When Adding Your Kids to Your Auto Insurance Policy

As a parent, you might be a little nervous about the idea of your kids operating a motor vehicle. You can’t trust them to clean their room, so how are they going to fare when it comes to steering clear of pedestrians. Hopefully, your teenager knows what they’re doing behind the wheel, but try telling that to your insurance company. Teenagers and new drivers make up some of the most expensive auto insurance policies around, and for good reason. Insurance companies are taking on a pretty big risk when they insure teenage drivers. But you can offset some of that risk by showing the insurance company that your kid knows what they’re doing out on the road.

Discounts for Good Grades

You can lower your auto insurance premiums by showing your insurance provider that your teenage driver is a responsible young adult. If your kid has good grades in school, most insurance companies will reward you by lowering your premiums. Having good grades is meant to instill confidence in the insurance company that your kid is above average, hard working and generally makes good decisions. This is also a golden opportunity to show your kid that all of their hard work in school can actually pay off in the real world.

Send Them to Driver’s Ed

Enrolling your kid in driver’s education is a great way to boost their driving skills and show the insurance company that your kid is well equipped to handle life on the road. From the insurance company’s perspective, a teenage driver that hasn’t been to driver’s education is a major red flag. At that point, they’d be insuring your kid with blind faith that nothing bad will happen. The cost to enroll your kid in a local driver’s training program will be much less than the costly premiums you’ll have to pay over the next two to five years. As comfortable as you might be with teaching your kid to drive on your own terms, the insurance company will need some reassuring.

Ask About Away at School Discounts

If your kid goes away to school every year without access to a vehicle, you might qualify for a considerable discount. Most insurance companies will give you a discount if your teenage driver doesn’t plan on driving all year long. After all, why should you pay costly premiums every month if your teenager isn’t even on the road? Keeping your student driver insured with the away at school discount is usually a smart decision compared to dropping your kid from your auto insurance policy all together. What happens when your college student comes home for the holidays or the occasional leisurely weekend? One wrong turn and you’d be stuck with a crippling bill that won’t be covered by your insurance policy.

If you have a student driver in the house, use these tips to lower your monthly auto insurance premiums as much as possible. Here are some great tips for student drivers from the Department of Motor Vehicles.

Learn about all the ways you can save on auto insurance from the experts at Summit Insurance Advisors.

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