It's always an anxious time when your children are learning to drive. In addition to worrying about their safety, there are financial implications to consider. Anticipating higher insurance rates, many parents look for ways to cut costs when obtaining coverage for their children.
Some people think they may be able to save a few bucks by allotting much lower limits to children driving under the policy. While doing so may lower your premiums, it is a gamble. It's widely known that teens are more at risk for serious accidents than all other drivers in their first few years behind the wheel. Should the unthinkable occur, legal, medical and repair costs could exceed those low limits easily and leave you responsible for covering bills on your own. It's usually best to apply the same limits across the board for all drivers on an auto insurance policy. Extend the same protection to your children that you have for yourself.
Adding a teen driver to your policy will affect your premium, but there are a number of other ways we can help you stretch your insurance dollar when adding a child to your auto policy, such as discounts for multiple cars, making sure to assign the most at-risk driver to the policy's lowest-value vehicle, earning good grades, defensive driving courses and more. You don't have to skimp on coverage. Contact us for the strategy that best fits your situation.