Buying cheap teen insurance takes up a lot of time however in the end all the time and effort put in will be worthwhile. Teenagers are known to be among the worst drivers and they alone have accounted for 6500 automobile related fatalities in the US in one year alone. Such facts have forced insurance companies into raising the costs of insurance for teens. In spite of that, it is possible to purchase insurance for a teenager without burning a big hole in your pocket. Here is a look at some of the ways to purchase cheap teen insurance.
Raise Deductibles
By raising deductibles on teen insurance plans, it is possible to lower premium costs significantly. In fact, by raising the deductible fivefold, it will be possible to reduce premium by between 10 and 20 percent.
Safe Cars
Teenagers who drive safe cars are less likely to pay high premiums. There is a world of difference between teenagers driving powerful sports cars and those that drive conservative sedans. The difference in an insurance premium could be as much as 1000 dollars and even more.
One Policy
Parents who include their teenagers on their own policy stand to get considerable relief in cost of premium. This relief could be as high as 15 percent on premium cost.
Driver Training
Another way of buying cheap teen insurance is to make the teenager undergo and pass driver training. Once this test has been passed, the insurance company will be willing to slash between 10 and 15 percent off the cost of insurance. In addition, parents can also rest easy knowing that their teenager is aware of the need to drive safely and cautiously.
Good Grades
Insurance companies will reduce premium costs by as much as 10 percent for teenagers who excel in studies and who get good grades (B or better).
Make Contributions
Parents ought to encourage their teenagers to contribute to the cost of insurance. If the teenager pays even a small part of their insurance costs, it can help parents financially and the teenager will also learn to act more responsibly.
Compare Multiple Quotations
The best way to buy cheap teen insurance is by getting quotes from multiple insurance companies and then by comparing these quotes with others to find the cheapest one. With luck, comparing quotes from different insurers can help save as much as one thousand dollars per year which works out to 10,000 dollars over a ten year period.
Shop Online
Looking for low cost teen insurance online will not only widen the horizons, but will also provide quick and easy ways to compare costs and in this way find the cheapest teen insurance companies and plans.
Factors that will also affect premium costs include location, gender, driving record and coverage as well as vehicle type. In addition, it is possible to purchase cheap teen insurance by taking advantage of premium reductions for short commutes to school or work and by buying continuous coverage within past month. It also pays to avoid purchasing unnecessary coverage; try and pay the entire premium in one go.
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