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By: FEDweek StaffAdding a teenaged driver to a parent’s auto insurance policy is costly. It can increase your costs by half or more, with the amount increasing according to the number of cars in your family. However, there are ways to hold down costs.
* Get quotes from multiple companies. There can be large differences in price from one insurer to another.
* If your teenager has a good academic record in school, ask for a good student discount.
* Encourage your teen to take driver training classes, which also might lead to discounts.
* If you’re buying a vehicle, pick one with safety features such as anti-lock brakes and anti-theft devices. They’ll lower your auto insurance rates.
Most of all, insist that your teen drive carefully. A clean driving record is the best way to hold down auto insurance costs.
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