By Christopher B John
As a parent, you know that the cost of auto insurance for teens is nothing to take lightly. Chances are that you will be paying much more for their coverage than your own. On top of this, you can expect the premium to increase even higher if your child has been in an accident.
Simply put, auto insurance companies see teen drivers as a huge liability. This is why they charge them a higher premium. While this can subside after a couple years of safe driving, if your teen is in an accident you will be in a tough spot.
There is no denying that you will experience a premium increase if your teen is involved in an accident that they caused. Just how much depends on many factors including their original rate, the cost of the accident, and of course, the type of coverage that is in place.
Have you found that your teen's auto insurance policy is simply too expensive? In this case, you can do one of two things: cancel it altogether and tell them they can't drive (which probably isn't going to work) or shop around for a new company and policy. In most cases, the latter option is the way to go. There are many companies that cater to teen drivers by offering a variety of low cost policies.
The cost of auto insurance for a teen with a perfect driving record is going to be high. If you add an accident to their past, it is safe to say that the cost is going to skyrocket. Hopefully this advice can help you lower the cost of auto insurance for your teen - even if only buy a few dollars each month.
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