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If you've got a new driver in the family, or your teen just got his Maryland driver's license, it's time to invest in a little extra peace of mind: affordable car insurance coverage for your teenage driver. Contrary to popular opinion, purchasing insurance for the teen driver in your family doesn't have to break the bank. These tips will help you find the best rates.
1. Work with an independent agent.
Going directly to the insurance company doesn't necessarily save you money, but working with an independent agent usually does. Because independent agents work with many different insurers, they can get you quotes from several companies in one stop. Plus, independent agents work for you as much as for a distant insurance company. Their goal is not to get you to buy a particular company's policy, but to help you find the best policy at the best rates to meet your needs.
2. Ask about specific discounts.
If your teen is on the honor roll or dean's list in high school or college, ask about good student discounts. Teens with no accidents or tickets on their records also qualify for significantly lower insurance rates, so emphasize non-aggressive driving (and be an example of it yourself). You'll be glad you did.
3. Consider a higher deductible.
Raising your deductible results in generally lower monthly premiums, which can be a boon to parents of new drivers. But be careful; a raising your deductible basically amounts to taking a gamble that your teen won't get into a wreck. If he or she does, you're looking at a much higher out-of-pocket cost.
4. Make sure your teen is driving a safe used car.
Used cars with top-notch safety ratings pose a lower risk to insurance companies; they're less likely to have to pay big money for a wreck or injuries resulting from a fender-bender. That means lower premiums for you and your teen. They can wait for the new Mustang or Camaro until they're on their own and paying for the insurance themselves.