Okay, let’s get it out in the open.
Having a new teen driver in the house can be nerve racking. Hopefully we can provide you some tools to make this life event less stressful for both you and your teen driver. Check out our website , designed for the parents of teen drivers, for tools like the Teen Driver contract and Teen driving laws.
However the topic I want to discuss today is how you can avoid paying outrageous insurance rates and protect your family’s future from a lawsuit.
My report “Spencer’s Tips: 7 Costly Mistakes Parents Make when Buying Insurance for Teen Drivers” highlights 7 traps parents fall into when getting insurance for their teen driver. For the full report visit my website.
Let’s talk about the top 3 mistakes.
Mistake # 3: Not taking advantage of your good credit rating.
Insurance companies have been using credit scoring for some time now. They know that clients with good credit ratings generally will have fewer claims. Many parents have built up a good credit rating over time. Your teenager driving a car has not had the time or possibly the opportunity to build up a good credit rating. As independent agents we can look at our companies and see which ones are the best fit for your family. It may be best for you teen driver to be on your policy to get the best credit score.
Mistake # 2: Lower Liability Limits to Save Money.
Teen drivers are 5 times more likely to get into an accident. Why is it then that parents think this is the time to lower liability coverage. This could be devastating to your family’s finances. Let us discuss other ways to bring down the cost of your car insurance. This may be the time to raise your liability limits and consider an umbrella policy.
Mistake #1: Using an insurance company employee as an agent
Don’t trust your hard earned dollars with someone who works directly for one insurance company. Their loyalty rests with the person signing their paycheck. Use an independent insurance agent that represents several companies. An independent agent can help you choose the company that is the best fit for your situation. It may even mean having two car insurance policies.
Check out the other 4 mistakes parents of teen drivers make most often. Then give us a call today at 215-885-2200 to review your situation and provide you more tips for teen driver safety.