Tuesday's Tip of the Week

"Teensurance" (otherwise known as car insurance for your teen)

This topic has been on my mind recently.  My middle child will be 15 next summer and so I have starting thinking about things like car insurance for him.  So I'm not an insurance agent, nor do I pretend to be, but here are some well known facts to keep in mind for when the time comes.

Here are some basic ideas for your teen for the insurance to be the lowest cost possible.

1.  Have a basic vehicle, not a sports car for your teen to drive.  Usually a car that has 4 doors and is older will be cheaper. 

2.  Instead of the teen having their own policy include them on yours. 

3.  Make sure your child keeps his or her grades up.  You will get a discount for this.

4.  Try to have a higher deductible, or perhaps just liability if your car is paid off.  Make sure this is the car they are driving exclusively.

5.  Sometimes there is a discount for taking a Driver's Education Class.  It's a good idea either way.

While there may be other ideas for teen drivers these are the basics.  Like my parents always said "driving is a privilege, not a right."  I have to say I agree and this will definitely get said many times next summer!

Do you have any reliable ideas on have to save money on teen insurance?