Seeking Advice on Insuring Our 16-Year-Old
I’m reaching out for advice from those with experience. My 16-year-old just got his driver’s license, and we’re in the process of adding him to our insurance. We were stunned at the quote we received—it’s significantly higher than what we’ve seen mentioned lately. Currently, we pay around $1900 for insuring three vehicles under a 6-month policy. However, adding him would raise our premiums to over $4000, with an average quote around $4200!
We have a 2024 Telluride, a 2019 Cruze, and my husband’s weekend car, a 2023 Stinger. It seems the Stinger is causing the spike in costs, as he’s required to be listed on it even though we never let him drive it. What options do we have? Can we get a separate policy for the Stinger and exclude him from it? Or should we consider a separate policy for the Cruze, which is the only vehicle he drives, and add him only to that? Any suggestions or insights would be greatly appreciated!
It sounds like you’re facing quite a challenge with the insurance premiums for your newly licensed teenager! Here are some options and strategies you can consider:
Separate Policy for the Stinger: Yes, you can consider getting a separate policy for the Stinger and leave your son off of it. This could help reduce the overall premium costs, but be sure to check with your insurance provider to understand how this might affect your coverage and rates.
Adding Him Only to the Cruze: If the Cruze is the primary car your son will be driving, you might be able to add him only to that vehicle. Speak with your insurance agent to see if this is possible and if it will help reduce the premiums. Some companies allow drivers to be added selectively based on which vehicle they will be primarily using.
Shop Around: Different insurance companies have varying rates, especially for young drivers. Consider shopping around for quotes from multiple insurers. Some companies specialize in offering competitive rates for young drivers, so you might find a better deal elsewhere.
Discounts: Inquire about any potential discounts that might apply. Many insurers offer discounts for good grades, completing driver’s education courses, or even having a policy bundled with other types of insurance (like home or renters insurance).
Higher Deductibles: If you’re comfortable with it financially, consider opting for higher deductibles on your policy. This can reduce your premium, although it means you’ll pay more out of pocket in the event of a claim.
Telematics Programs: Some insurance companies offer telematics or usage-based insurance programs that monitor driving behavior. If your son demonstrates safe driving habits, this could lead to discounts on your premium over time.
Avoiding Full Coverage on the Cruze: If the Cruze is an older model and is worth less, you might consider dropping full coverage for that vehicle to help lower the overall cost.
Discussing with Your Agent: Have a candid discussion with your insurance agent. They have insights into the specifics of your situation and can provide tailored advice to help reduce your rates based on your household’s needs.
Navigating insurance for a new teen driver can be complex, but with some research and strategic planning, you can find a solution that works for your family. Good luck!