One of the big events in the lives of many teenagers is getting their driver’s license. It’s an exciting milestone.
But, for parents, it can bring sticker shock when it comes to insurance. In Colorado, you can expect a rate increase of anywhere between $150 to $300 a month for a boy, a little less for a girl.
So, you owe it to yourself to get a second opinion on car insurance for a young driver.
Don’t make the mistake of trying any of the “tricks” some parents use to try to avoid the higher insurance rates that come with having a young driver.
Things like: Not telling your insurance company of your young driver. Or taking out a second policy with just your child and their car on the second policy.
The problem with not telling your insurance company about a young driver is that many policies exclude anyone living in the household who is not rated as a driver. This could mean zero coverage if your child has a wreck. And that could be expensive.
The problem with taking out a second policy is that it can cost more money because your child is missing out on multi-line and other discounts.
Have a newly licensed driver in your household? Get a second opinion to make sure you’re getting the best coverage at the best price you can. But there’s a reason why younger drivers are charged higher rates. As a group, they have more accidents than more experience drivers. Don’t end up with no coverage or the wrong coverage that could prove costly if your young driver is involved in an accident.
Questions about the rest way to cover your young driver? Contact us today.