Your teen finally has their learner's permit. Now's the time to start preparing for changes to your auto insurance. The right insurance coverage is crucial when you have a teenage driver in the family. Here are four of the steps you need to take now that your teen is preparing to receive their driver's license.
Notify Your Insurance Company
If your teen has their learner's permit, contact your insurance company as soon as possible. In most cases, you won't need to add them to your insurance policy quite yet, but you still need to notify them. Failure to notify your insurance company could cause problems for you later. This is particularly true if your teen is involved in a car accident while they have their permit. Once your teen has their driver's license, add them to your policy.
Limit Access to Family Cars
If your teen is driving a family car, limit the access. You may have multiple cars, but your teen should only be allowed to drive one or two of them. The best option is to give your teen access to the least expensive of your family cars. Higher-end vehicles are more expensive to insure. That means you'll be paying much more for your insurance once your teen starts driving those vehicles. The best way to save money on your car insurance is to choose one specific car for your teen to drive.
Go Beyond Driver's Ed
Before your teen is allowed to receive their driver's license, they'll need to take a driver's education class. This class is mandatory in most states. But your teen's training should go beyond the basic driver's ed class. Before your teen receives their driver's license and you add them to your insurance, enroll them in a defensive driving course. This type of course provides the extra training your teen needs to be a safe driver. Completion of the course also helps reduce the cost of your car insurance.
Make Some Adjustments
Once your teen has their driver's license, make some adjustments to your insurance policy. You may want to include collision and comprehensive coverage to the car your teen will be driving. However, those additions may increase the cost of your coverage. To keep your rates down, drop that coverage from your policy. If you do decide to maintain that coverage, increase the deductible for the car your teen will be driving.
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