Insurance Technologies

Here are some tips to help you control the cost of your teenager’s car insurance: Add your teen to your car insurance policy instead of buying separate coverage. The premium rates will typically reflect a combined history of all drivers on the policy. Get an umbrella policy which adds at least $1 million to your auto or homeowner’s liability protection. It’s comparatively cheap insurance, and it’s frighteningly easy to run up seven-figure medical and legal costs with catastrophic crashes. Try and keep your child’s mileage down so that he or she is listed as “occasional driver” rather than the principal driver on the car insurance policy. If the car is more than six or seven years old, consider buying liability insurance but not collision or comprehensive insurance, or at a minimum get a high collision deductible. Car insurance costs will be far higher on new and sporty cars, and higher on two-door cars than four-door cars. Get plenty of liability coverage, at least 100/300/50. Recheck your car insurance rates frequently. Many rates for teens drop every six months to a year. Some insurers will give a discount if your child has a “B” average. Have your teen be responsible for paying an affordable portion of the car insurance costs.