Adding a 16-year-old male to my auto insurance… YIKES!
I just received a quote from Allstate in North Carolina, and it’s four times what I currently pay—almost made me fall out of my chair! We haven’t had any tickets or accidents in the last 17 years, and the one we did have was minor ($2,000 in damage).
While I could find better rates with other companies, they won’t insure my home because my roof is over 10 years old, despite it having a 50-year warranty. Therefore, I lose out on those combined discounts. It’s starting to feel like insurance is more of a racket than it is genuine protection.
Does anyone have suggestions for adding a new teen driver, or should I just bite the bullet on the cost? Also, would it make a difference if he waits until 18 to get his license, or should I just keep extending his permit driving with an adult?
It sounds incredibly frustrating to deal with those skyrocketing rates! Adding a teen driver can really put a strain on your budget, especially when you’ve maintained such a clean driving record. Here are a few suggestions that might help ease the financial burden:
Shop Around: You’ve already mentioned getting quotes from other companies, so keep shopping around! Some insurance companies might offer better rates for teens, especially those that focus on young drivers.
Consider Usage-Based Insurance: Some companies have programs that track driving habits. If your son is a responsible driver, you might get a discount based on safe driving behaviors.
Increase Deductibles: If you can afford to pay a higher deductible in case of an accident, this might lower your monthly premium.
Look for Discounts: Many insurers offer discounts for good grades, completing a driver’s education course, or even low mileage. Make sure to ask about every potential discount.
Wait a Bit: While it’s hard to say if delaying getting a license would help, it might be worth considering. Some parents find their premiums are lower when their teen waits until they’re older to start driving full-time.
Bundling Policies: If you can find a different auto insurer but need to keep your home with your current provider, consider asking them for their best bundle offer. It could lessen the gap in savings.
Talk to Your Agent: Sometimes agents can offer insights or products that aren’t immediately obvious. They might have suggestions tailored to your unique situation that could save you some money.
Ultimately, it may be a tough pill to swallow, but it’s about finding the best balance between affordability and coverage. Good luck!