Avoid Expensive Mistakes with Your Teen’s Auto Insurance

| March 28, 2019

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Don’t overspend on your teen driver’s coverage. Unfortunately, insuring teen drivers is expensive due to their inexperience and reputation for being reckless.  However, there are mistakes that parents make that drive up the cost of their teen’s insurance even more.  If you do not want to pay more for your teen driver’s coverage, here are some of the mistakes that you should avoid. Getting them a Separate Policy. When securing insurance for your teen driver, you have the option to purchase a separate policy for them their own policy or add them to your existing auto policy.  While getting them a separate policy will ensure that the premiums on your existing policy will not increase, insurance policies for young drivers carry high premiums because insurers consider teens more likely to get into an accident.  While your rates will increase when you add your teen to your policy, this move will actually end up saving you money in the long run.  Generally, the premium increase you experience will be less than the cost of securing a totally separate policy for your teen.  Additionally, adding your teen to your policy will allow you to access multi-vehicle discounts.  So, if you want to save on your teen driver’s coverage, your best option is to add them to your existing auto policy.

Spotlight

Houston International Insurance Group (HIIG)

Houston International Insurance Group (HIIG) is an insurance holding company headquartered in Houston, Texas, with offices across the USA. HIIG subsidiaries include the following four property and casualty insurance companies: Houston Specialty Insurance Company - rated A- (Excellent) by A.M. Best Company Imperium Insurance Company - rated A- (Excellent) by A.M. Best Company Great Midwest Insurance Company - rated A (Excellent) by A.M. Best Company Oklahoma Specialty Insurance Company - rated A- (Excellent) by A.M. Best Company.

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