My child is driving. Why does it cost so much?
My child is driving. Why does it cost so much? The four steps to maximize your insurance savings.
Swimming lessons, softball practice, piano lessons. Why do we sign our kids up for these activities? Well, because unless you are Michael Phelps, Jennie Finch, or Chris Martin, most of our children aren’t born knowing how to do everything. That’s true when it comes to driving – especially today. There are so many distractions in and out of the car. Car manufacturers have made vehicles safer and easier to drive but they have also added video screens and self driving features – do our kids really focus on the road or expect the vehicle to do it for them?
This is why. Even though insurance rates might not seem fair for your child there is data that shows younger drivers simply get into more accidents than older drivers. According the Institute for Highway Safety younger drivers simply get in more accidents than “middle-aged” drivers.
So, what can you do to make sure you aren’t paying too much for your kids?
- Call your company or agent and see if they have a “good student discount”. Some companies offer a good student discount if your child maintains a 3.0 GPA.
- Check and see if your policy provides an “away at college” rate. Since your child might not live with you full time, some policies allow for a cheaper rate based on where your child lives.
- Shop around – there are companies that provide insurance based on how YOUR child drives rather than the “typical” child. There are companies that provide an app that monitors the driving habits of your child.
- Review your annual miles driven. Some companies provide rates based on how many miles a vehicle is driven or who is the primary driver of the vehicle. Review this with your agent or carrier.
- By John Crispi
- October 2, 2021
