It's no surprise that teenage drivers often have much higher insurance premiums than adults, especially considering that they are many times more likely to be involved in a collision. However, there are several ways for parents to keep their policy costs to a minimum. If you want to avoid a big increase in your car insurance costs, check out these tips.
Safe, reliable cars are often cheaper to insure.
Purchasing a car that has good crash test scores and low repair costs will typically lead to lower car insurance pricing because collision costs will be lower for the insurance company. Statistics show that midsize family cars are the cheapest vehicles to insure, and they generally meet the formerly mentioned criteria. Along with this, it's a smart idea to purchase a vehicle that's been named a Top Safety Pick by the Insurance Institute for Highway Safety (IIHS), such as the 2011, 2012 and 2013 Volvo S60, S80, XC60, XC90 and C30, all of which are good options if you plan on buying a used Volvo for your teen.
Assign your teen to drive the cheapest car on your policy to insure.
When it comes time to add your teen to your policy, you should consider rearranging driver assignments. Ask your insurance representative to give you quotes for each vehicle on your policy - based on rates for your teen - in order to figure out which driving arrangement would be cheapest for you.
Ask your insurance company about college student and alumni discounts.
Individuals attending college, as well as graduates from certain schools, may be able to get 5 to 10 percent discounts on their car insurance; it won't add up to a whooping sum, but it's something. Also, let your insurance company rep know when your child becomes a college senior, as they'll likely be able to reduce your premium. And, if your child lives at college and chooses to leave their vehicle at home while attending school, you could also get a significant discount, so make sure you update your rep if this is the case.
