Having a "hot" car that looks good to their friends is not unusual for a new teenage driver. But it is important when considering the high price of student car insurance rates to follow certain guidelines before purchasing their first car.
When considering the price of student car insurance rates, it is important to follow certain guidelines concerning the type of car that they drive.
You as the parent will probably be most concerned about letting them drive a car that is safe and practical, while they will be more interested in driving a car that helps them to "fit in" with their friends. It is all about image with kids and that is no secret.
Most caring parents struggle with giving their child the freedom to drive on the highways for the first time in their own car. It can be a greater struggle however to convince them that a hot, sporty car is not the best choice.
We have listed some money saving tips that can help your budget and at the same time help your student driver understand why some cars make more sense in their early driving career.
Start out by talking to your insurance agent about the best cars for young drivers that can insure that you get the lowest student car insurance rates. Hopefully by doing a little homework you can save some money and reach some common ground with your kid. 1. Teach your student driver about deductibles.
You may be surprised at how logical your teenager can be if you explain things to them the right way. When considering a car that is best for them for example, let them know that a lower priced, older car in good condition can allow them to have a higher deductible on their policy which translates into a lower premium.
It is not as easy to have a high deductible for a car that is more expensive (newer) to repair in the event of an accident. Older cars cost less to repair and can support a higher deductible because you and the insurance company don't have as much financial risk with this type of car.
2. Stress the importance of the car's safety features.
When considering a safe car, the obvious features to look for are airbags, ABS brakes, tire pressure monitoring systems and so on. But it is also important to consider cars that insurance companies have determined on average, are less likely to be involved in accidents.
The insurance companies compile data nationwide that shows which cars are involved in more accidents and which ones are involved in fewer accidents. Ask your insurance agent which ones are less risky and lean toward these cars.
3. Add your student driver to your own policy.
Most car insurance providers allow a rider to an existing policy that allows you to add your child to your existing policy. Normally you will get a substantially lower premium for your student car insurance rates.
Make sure however that you understand that if they are added to your policy, you are also liable for their driving mishaps. And make sure they are willing to accept the responsibility of knowing that if they drive recklessly that they are not only putting their own financial situation at risk but yours also.
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