The boy got his driver’s license, prepare the pocket. It is typical for parents to take advantage of summer vacations to train their children to get their driver’s licenses. Once approved, comes the surprise. The auto insurance policy skyrockets, in some cases, doubles. What to do to lower the price of the premium?
In general, you should assume that the price of the premium will not be the same as before. Insurance companies consider it a risk to insure new drivers. According to statistics, 16% of car accidents involve young people between 16 and 20 years old. Still, there are some steps you can take to try to lower the cost of insurance.
First, insure your child under your own policy. Avoid creating a separate policy. If there are two cars in the house, see that in the contract your son is assigned to the cheapest car. Another very good idea is to increase the deductible of the policy. If your child gets good grades, most insurers will lower your premium somewhat. Ask your son to take a defensive driving course. This measure also positively influences the price of the premium.
Finally, it is essential to compare prices between different insurers.
Anyway, congratulations because your little one has taken a fundamental step in her emancipation. If you follow these little tips, your financial responsibility as a parent will be a little lighter. The boy got his driver’s license, prepare the pocket.
The boy got his driver’s license, prepare the pocket
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