No “B’s”, No Keys—And Other Cost Effective Ways to Insure Teen Drivers
There’s no denying that statistics about teenage drivers are grim. Sixteen year-olds are involved in accidents at least six times more often than drivers between the ages of 30 and 59. And car crashes remain the leading killer of people between the ages of 15 and 20. And by adding your 16 year-old son to your auto insurance policy, you are generously helping to finance your agent’s vacation.
The greater the risk, the higher the costs.
Well, we can’t entirely blame Allstate, State Farm, American Family or even the loquacious lizard for the fact that car insurance premiums soar the minute a teen driver is added. Or that inexperience and lack of judgment make teen drivers the most vulnerable drivers on the road. Yet, there are ways in which both parents and teens can bring down premiums and minimize the chances of future fender-benders, as well as more serious accidents.
- Start with a safe car. Forget the sports car or the wannabe racer. We’re talking about your child, not you. Giving your teen driver a reliable car with updated safety equipment will lower insurance premiums and possibly even make fast driving less of a temptation.
- Help your teen driver learn and follow the laws. Simple enough, you’re thinking and shouldn’t the driver education class have taken care of that? Sorry –maintaining a good driving record is an ongoing procedure, and the best way to ensure that this is done is through reinforcement: wear a seatbelt, obey posted speed limits and eliminate serious distractions like fast food and cell phones.
- Restrict nighttime driving. It’s hardly surprising that over 40% of fatal accidents involving teen drivers occur between 9 p.m. and 6 a.m. on Saturdays and Sundays.
- Encourage traffic school to beat tickets. In some states, a ticket on your teen’s driving record is tougher to remove than a magic marker stain on a light colored fabric. A day spent contemplating the consequences of careless driving might foster better driving habits in years to come.
- Talk to your teen about drugs and alcohol. These are obvious dangers to be avoided in all circumstances, but when combined with driving can be catastrophic. Teens become defensive when being confronted: they have things under control and don’t need some meddling parental unit advising them what to do! Silence, however, can have far more serious consequences.
- Reward your teen for getting good grades. Possibly one of the most effective incentives, and one area in which bribery is justifiable. Many insurance companies offer discounts to teens who maintain at least a “B” average in school. As a parent, find out the reduction percentage in insurance rates and pass the savings onto your teen. Rewards for academic performance can result in a continuation of good grades and better driving habits.
- Adopt a “zero tolerance” policy. Advocates of permissive child-rearing might wince at this, but in many states, teen drivers who violate restrictions, get a ticket or become involved in an accident, often lose their driving privileges and are required to start the entire procedure over. Investing in a similar tough love policy with your teen could yield some favorable returns.
For most teens, these gateway years to adulthood are chaotic and confusing, and insuring a teenage driver is never going to be an economical endeavor. Equal effort on the part of insurers, parents and teens however, can help lower accidents, help increase safety awareness, help bolster grades—and help keep insurance premiums to a manageable level.
Tags: insurance, Teen Driving
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