Remember turning 16?
Windows down, radio up.
You would find any excuse to jump in your car and drive.
I can’t speak for the ladies, but I believe all males have a little Tom Cruise in them at some point in their lives.
The combination of that new found freedom and inexperience have a tendency to lead to accidents. Especially teen drivers.
I imagine parents reading this right now are cringing…But let’s take the offensive approach and look at how we can safeguard you, your teenage driver AND manage the cost of a new driver.
At the end of the day, remember it begins with you. You’re setting the example for your child.
Nip in the Bud
Hindsight always seems to be 20/20. Imagine being 16 again and knowing what you know now??
Like anything in life, you can take some preventative measures.
Higher Liability Limits
On a cold afternoon when I was 16, driving around with a buddy, I backed into a lady. All due to my lack of paying attention.
The upside, no one was hurt. However, my parents’ insurance had to pay for damage to the lady’s car.
Should Johnny cause an accident, will your liability limits on your auto policy be enough to pay for someone else’s vehicle or their medical bills?
Imagine an Umbrella above your car following you everywhere you go.
Johnny finds himself in an accident where he’s at-fault. He’s maxed out the underlying Liability Limits we talked about above. Can you afford to write someone a check?
A Liability Umbrella will provide protection in the event you exhaust your underlying liability limits.
Your child’s actions can affect you and your family.
These are a couple of inexpensive ways to protect you and your family.
What You Can Do
Take a step back for a second. It wasn’t long ago that you too were a young Tom Cruise.
Having a youthful driver in your home may cause sticker shock, but there are a few things you can do to manage it.
Typically most insurance companies will offer a discount if your child has a B average or better in school. This is a win-win for parents. It’s one way to coax your child to get good grades and eases the cost of auto insurance.
Some insurance companies will offer a discount if your child attends a driver’s education course. This can be a good way for your child to gain some practical experience. Ask your agent if your auto insurance offers this.
Away at School
Is your child away at school (100+ miles from home)? Is he/she still a dependent (under 25)? Some insurance companies offer a discount in this instance.
You may see some insurance companies offer electronic devices you can plug into your child’s car to monitor their driving habits. Some of them will even allow you to use an app to see where they are at via GPS.
And of course, you could never let your teen drive.
Remember, good habits begin with you.