Can You Afford to Let Your Teenager Get a Driver’s License?

Description

Did you know that the average premium will increase by 80% when you add a teenager to your existing auto policy? Do your research before allowing your teen to get his or her driver's license.

Ann and I have 4 boys. Three have passed the monumental age of 16 without getting their coveted driver's license.

Yes, my wife and I delayed this process due to concerns for their safety with teen crash rates soaring higher than any other age group. But there is also a financial consideration.

Did you know that the average premium will increase by 80% when you add a teenager to your existing policy?  That’s one of the reasons that our boys don’t get full privileges to drive until they are 18. Popular? No, but it has worked well in our family, teaching our boys lessons of patience, contentment and responsibility.

But if you already have a teen driver, take heart.  There are ways to reduce those inflated premiums!

Your student’s good grades can payoff. Many insurance companies offer discounts for good students in high school and college. But you must be proactive in asking your insurance company about potential discounts.

Another way to decrease that premium could be by enrolling your teen in driver’s education or a driver-training course that will also give you additional peace of mind as your child drives off for the first time on his own.

And some companies offer personalized insurance rates if you or your teen have a device installed in your vehicle that monitors your actual driving. So the better you drive, the more you can save. Now that’s motivation to lay off the gas pedal!

And last, do the research before you let your teen buy a car. Check to see how a car’s safety equipment and general makeup affect your rates.

 

Please register for a free account to view this content

We hope you have enjoyed the 10 discipleship resources you have read in the last 30 days.
You have exceeded your 10 piece content limit.
Create a free account today to keep fueling your spiritual journey!

Already a member? Login to iDisciple

Related
Wisdom with Money
Karen Stubbs
Financial Freedom
Ron Blue
Managing My Resources
Parkview Christian Church
Money 101
Bryan Carter
Living Below Your Means is the Only Way to Live
Mary Hunt
Follow Us

Want to access more exclusive iDisciple content?

Upgrade to a Giving Membership today!

Already a member? Login to iDisciple