Having a teen driver in your family is certainly a hefty thing for your family budget assuming the usual insurance rates parents face when trying to insure their young driver. You will certainly have a hard time finding an insurance company that would give you cheap insurance quotes for a driver younger than 25. And there's a reason for that. Young drivers, especially males tend to be a group with the largest number of insurance claims filed due to accidents. Lack of driving experience and general risk-taking behavior is a dangerous mix and that's exactly what teen drivers are famous for. And insurance companies asses the risk of insuring teens by setting expensive rates. But should your teen be always charged with higher rates? No, if you use the following methods to make vehicle insurance cheaper for your young driver:
Good marks have a price
Promoting good marks while your teen is at school or college can have a nice bonus from the financial point of view. Students with an average of B and higher can get a substantial cut in rates with most insurance companies. The only requirement is to provide a copy of grade report on a periodical basis. So you're killing two birds with one stone: promoting better grades with your teen and cutting down car insurance rates to save some money for the family budget. Note that if your son or daughter are college students and study in more than 100 miles away from home you can also opt for a special student discount with most car insurance providers.
Keep it with the same policy
While being independent in all domains is what your teen wants it doesn't mean that buying a separate policy for his or her car right away is such a good idea. If you have several vehicles in the household and keep them covered under the same policy it would be wiser to include your teen and his car to the present policy as well. Sure, your rates will automatically go up since you include a high risk driver to the list. But in most cases this will be much cheaper than buying an individual policy for the young driver in your house.
Remember to shop around
Shopping around is a must for just any type of insurance and it's especially important when you're trying to insure such a high risk car owner as a teen driver. Sure, the rates will be higher than for other age groups regardless of the company you quote with. But different companies have different statistics and methods they use to calculate their quotes. And as a result you will notice that there's always a fluctuation in car insurance rates from company to company ranging from very high to actually acceptable. And it's exactly what you should look for when shopping around for a policy. The more quotes you get the higher is the chance of finding an affordable car insurance policy for your teen driver. So keep looking and don't forget that there are many free online quote comparison sites you can use for easy comparison shopping.