Your place: Insurance Is A Policy Your Parents And
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If you have kids, you will eventually have teens that are old enough to drive. It is an exciting time for these new drivers, but it is just the opposite for parents.
Teenagers are 3 times more likely to have an accident than young adults in their 20s. Most of the accidents are because of inexperience and riskier behavior. Since this is the case, a new driver can be very costly to insure, whether you add them to your policy or they have their own. There are benefits with each option as well as drawbacks. Is it better to carry your teen on your policy or for them to have their own policy? It depends…. The pricing for insurance depends on many factors though…the make, year, model, and type of a vehicle, the age and gender of the driver, the financing of the vehicle, the coverage, Inssurance also the credit score of the policy holder.
Matters of Residency
Because of the way insurance is evaluated for cost, a teen will have a very pricey policy separate from the parent s. The flip side, that parents consider, is adding a teen to their already established policy.
Adding your teen to your policy can first, gain a multi auto discount, helping offset the higher cost of a teen. The teen can also enjoy the other discounts that have been earned with the policy. The benefit of adding your teen, is the lower premium vs the higher premium with a separate policy. There are other things to consider though. If an accident happens with your teen, a policy that has few to no claims will be affected for years after a claim, with higher premiums. Lower premiums, when adding a teen, is more helpful to the monthly budget, than paying for the higher costing separate policy.
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A benefit for sure, when parents are paying for that insurance. However, is there a goal of establishing insurance and credit history for a teen? When a teen has their own policy, they will build in their name. This could be beneficial for your teen and will also not affect read more policy.
Both routes should be discussed and considered with both short term and long term planning. Whether you decide on a separate policy for your teen or add them to your own policy, there are ways to save on their insurance. Many insurance providers reward good students with discounts.
Students that maintain a 3.]
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