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It is no secret that adding a teen driver to your household can wreak havoc on even the best-laid budget. From the cost of the actual vehicle and maintenance to soaring insurance premiums, teen drivers are not cheap. Here are three ways that you can save money on your new teen driver.
Add Teen to Your Insurance Policy
Although many parents are tempted to put their new teen drivers on their own separate insurance policy, this will actually cost you more money in the long run. While you may think that you do not want them included in the family policy so that you are not liable for any accidents that they are involved in, this avenue is extremely costly. It is less expensive and easier to simply add your teen driver to your existing policy. This will also allow them to take advantage of your family discounts.
Put Your Teen Through Additional Driving Training
While a driver’s ed course is a good start in teaching your teen to drive safely, it takes substantially more practice than just a class to ensure that your new driver is ready for the rigors of the road. Developing good driving skills will not happen in one class alone. Instead, it is a good idea to put your teen through additional training. Ideas to consider include a driving safety course, a driver’s ed class run by a private company with more individual attention, and driving simulators. Driving simulators are safer than other types of driving training and will allow your teen to experience a variety of different road scenarios so they can get behind the wheel with confidence.
Make Sure Your Teen Gets Good Grades
One of the best things that your teen can do to show responsibility and enjoy lower insurance rates is to get good grades in school. Most major auto insurance companies reward students with good grades with substantial discounts on their policy. If your current carrier does not provide a good student discount, you should shop around for a policy that rewards for this trait. Most companies set the qualifications at a B average or better.
Your budget is bound to take a bit of a hit when your child reaches driving age. However, with the right planning, you can minimize these costs and enjoy the convenience of having a new driver in the house.
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