Seeking Advice: Best Way to Insure Our 16-Year-Old
I’m reaching out for advice from anyone with similar experience. My 16-year-old just received his driving license, and we’re in the process of adding him to our insurance. We were stunned by the quotes we’ve received — they’re significantly higher than what I’ve seen discussed in recent years. Currently, we pay around $1,900 for coverage on three vehicles for a 6-month policy, but adding him is pushing the quotes to over $4,000, with the average being about $4,200!
We have a 2024 Telluride, a 2019 Cruze (the only car our son drives), and a 2023 Stinger, which is my husband’s weekend car. It seems that the Stinger is driving up our costs, even though we don’t allow our son to drive it.
Does anyone know if we can get a separate policy for the Stinger and exclude him from that? Or perhaps we could get a separate policy just for the Cruze and add him only to that one? Any suggestions or guidance would be greatly appreciated! Thank you!
It sounds like you’re in a tough spot trying to balance your son’s new driving status with the high costs of insurance. Here are a few strategies you could consider:
Shop Around: Sometimes, rates can vary significantly from one insurer to another. Be sure to shop around and get quotes from multiple insurance companies. You might be surprised at how different the rates can be.
Separate Policies: You could indeed get a separate policy for the Stinger and leave your son off it. This may help reduce your overall premium since he won’t be listed as a driver on that vehicle. However, check with your insurance company about how this could affect coverage and ensure that you are still compliant with any state laws.
Restrictive Use: Since the Cruze is the primary vehicle he drives, consider getting a separate policy just for him for that vehicle and adding him there. Some insurers may allow you to exclude him from the other vehicles if he is not regularly driving them.
Safety Courses: Some insurance companies offer discounts for young drivers who complete a driver safety course. Look into whether there are any such programs available that could help lower the premium.
Increase Deductibles: Another way to lower your premium is to increase your deductibles. While this will mean higher out-of-pocket costs in the event of a claim, it can significantly reduce your monthly payments.
Usage-Based Insurance: Look into usage-based insurance policies that monitor driving behavior. These policies can sometimes offer savings for good driving habits and may be a good fit for a new driver.
Discounts: Don’t forget to ask about any available discounts for multi-car policies, good student discounts, or even membership in certain organizations which may offer lower rates.
Reassess Coverage: Finally, it may be worthwhile to reassess your current coverage levels. Depending on your situation, you may find that some of the coverage options you have could be adjusted, potentially lowering your overall premium.
It’s definitely worth having a conversation with your current insurer and explaining your situation. They may have additional suggestions that could help you save money while ensuring everybody is properly covered. Good luck!