Being added to your parent's policy without wrecking their wallet is a challenge – but there are ten ways you can cut down the cost on your teen car insurance rates.
1. Stick to a Classic Ride When Looking for Teen Car Insurance
- Used cars are cheaper to insure than new ones so if you’re buying, hit up the used car lot.
2. Safe Over Sporty
- Skip the sexy, sporty model when factoring in your teen car insurance. You may think its lame now – but it’s the best way to save cash. Think of it this way… what good is a sexy car if you can’t afford to put gas in it?
- There are plenty of cars that combine coolness and safety, so skip the sexy sporty model and choose sensibly. Check out the Independent Insurance Institute’s site for ideas on the best car to keep you from wrecking the budget (Insurance Information Institute's Overall Crash Worthiness Evaluations of Midsized Moderately Priced Cars)
3. Get Assigned to a Specific Car
- If you’re going to be driving one of your parents’ cars, ask insurance companies if they’ll let your parents assign you to a specific one.
- Pick mom’s Volkswagen over dad’s Lexus. Luxury cars are more expensive to insure.
4. Take a Driving Course
- Lots of insurance companies offer discounts to teens who take (and pass!) an approved driver’s ed course.
5. Getting Good Grades Will Help With Your Teen Car Insurance Rates
- Getting a B average (3.0 GPA) or higher will score you cheaper teen car insurance rates.
6. Keep it in the Family
- In most cases it’s cheaper to get added to your parents’ policy than it is to go out and get your own.
Exception to this rule: If both your parents own pimped out rides and their driving record isn’t so hot – you might be better off getting a used car with good safety ratings and getting your own policy.
7. Go for a Higher Deductible
- Tell your parents to double check their deductibles (this is the amount of money they’ll be shelling out if you crash) and figure out if there’s room to raise it.
Warning: Using this method to save cash now on you teen car insurance could cost you if you get into a wreck. So if you go for this one, make sure you know what you’re doing before getting behind the wheel.
8. Don’t be a Statistic
- According to the experts, 16 year olds are three times as likely to wind up in a crash than 19 year olds – and almost 6 times higher than 20-24 year olds. No wonder your parents are freaking out.
- Stay off your cell phone, wear your seat belt, and ignore that stupid friend that dares you to run the red light for kicks.
9. Shop Around
- Get off MySpace for a minute and check out some car insurance quotes. Not only will your parents be stoked to see you doing research – comparing prices will save you a ton of dough.
10. 6-Month Rule
- Every six months, check in with your insurance company and update your policy information to make sure you are getting the best teen car insurance rates. Keeping a clean driving record after a certain amount of time could get you discounts. Graduating from High School could lower premiums too.
If you're ready to shop for a cheaper teen policy, compare car insurance quotes at InsWeb. You'll have the chance to talk to a few licensed, experienced auto agents who can make sure you have the right coverage for your family.