Need advice on insuring our 16-year-old
I’m reaching out for some advice based on others’ experiences. My 16-year-old just received his driver’s license, and we are trying to add him to our insurance. We were stunned to find out that the quotes we’ve received are significantly higher than what we had anticipated. Currently, we pay around $1900 for three vehicles on a 6-month policy, but adding him would raise our premiums to over $4000! The average quotes we’ve seen are around $4200.
We own a 2024 Telluride, a 2019 Cruze, and my husband’s 2023 Stinger, which is apparently causing the spike in our insurance rates. Although we never allow our son to drive the Stinger, he still has to be covered on it.
What are our options? Is it possible to get a separate policy for the Stinger and exclude him? Or can we just add him to the Cruze, the only car he drives? I’m open to any and all suggestions! Thank you!
It sounds like you’re navigating a tricky situation with insuring your newly licensed teenager. Here are some steps you can consider to potentially lower your insurance costs:
Separate Policy for the Stinger: Yes, you can get a separate policy for the Stinger if you primarily want to keep your son off it. Some companies will allow you to exclude certain drivers from specific vehicles, which can help reduce the overall premium.
Insuring Only the Cruze: If the Cruze is the only car he drives, you can add him to a policy for just that vehicle. Ensure that you check with your insurance provider to confirm that this setup will meet their requirements.
Compare Quotes from Different Insurers: Shopping around can lead to significant savings. Different insurers weigh factors like vehicle type, driving record, and location differently, so it’s worth getting several quotes.
Consider Usage-Based Insurance: Some companies offer usage-based insurance programs that monitor driving habits. If your teen is a safe driver, this may help reduce premiums.
Ask About Discounts: Inquire if your insurer provides any discounts for good students, safe driving courses, or bundling multiple policies.
Increase Deductibles: If it’s within your comfort level, consider increasing the deductibles on your policies. This may reduce your premium, though be cautious about how much you would need to pay out of pocket in case of a claim.
Avoid Sports Cars: If possible, look into insuring a less expensive and less powerful vehicle for your son. Sports cars usually come with higher premiums.
Review Your Current Coverage: Ensure you aren’t paying for coverage you don’t need. Sometimes, reviewing your existing policy can reveal areas for savings.
Remember to communicate with your insurance agent about your specific situation—they can provide tailored advice based on your needs. Good luck!