buying 10 Ways to Save When Your Teen Starts Driving

18:31  01 march  2017
18:31  01 march  2017 Source:   MoneyTalksNews

Milestones That Can Change Your Car Insurance Rates, for Better or Worse

  Milestones That Can Change Your Car Insurance Rates, for Better or Worse his chart shows the average annual car insurance rates over the course of a lifetime for a single driver in the U.S. In general, 20-somethings pay extra because of their inexperience, while thos e 60 and older pay more for their increased risk of fender-benders. But different events over your life can translate into savings or penalties. Here’s what you can do to take advantage of the former and the sting out of the latter. Car insurance rates shown are national average annual premiums for a single driver.

Becky Goddard-Hill / August 10 , 2015. It might sound daunting but there are ways of saving money while still making sure your teen gets the best chance of passing their test first time. When you do book driving lessons observe the following cost saving measures and choose your instructor wisely

10 Ways to Save When Your Teen Starts Driving . Articles to help you save money and build wealth, delivered daily. Sign up now and receive a free PDF with 205 ways to save !

If your teen has turned 16, you’re probably nervous — both about the prospect of your child getting behind the wheel and all the costs associated with that new reality.

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To stop your auto insurance premiums from skyrocketing when your teen starts driving , try a combination of the following money- saving tips. Teen Drivers : 10 Things You Must Know About Your First Car Insurance Policy. Teen Car Insurance: Top 5 Ways to Lower Your Rates.

10 Ways to Save When Your Teen Starts Driving . 10 Recommended (Affordable/Safe) Cars for Your Teen Driver . Articles to help you save money and build wealth, delivered daily. Sign up now and receive a free PDF with 205 ways to save !

Having a teen on your car insurance policy is likely to boost your premiums. But there are ways to make the hike less painful. Here are 10 of them.

1. Invest in a good driver’s training program

A teenager young girl in the process of taking the driver examination for driver's license. She is carefully driving while the examiner is scoring her driving skill.© E+/Getty Images A teenager young girl in the process of taking the driver examination for driver's license. She is carefully driving while the examiner is scoring her driving skill.

It could be reckless behavior or it could be inexperience, but the fatal crash rate per mile for drivers ages 16 to 19 is three times that of drivers age 20 and older, according to the Insurance Institute for Highway Safety.

That means insurance companies are automatically going to see your teen as a claims risk and raise your rates. If your child starts racking up tickets or gets in a fender bender or two, watch your rates head to the stratosphere.

Spied! 2018 Ram HD Facelift

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Saving your young driver from his cell phone could save his life. But things get scary when your teen starts driving . That’s when you want his phone as far away from the steering wheel as possible.

10 Ways to Save When Your Teen Starts Driving . Articles to help you save money and build wealth, delivered daily. Sign up now and receive a free PDF with 205 ways to save !

You might be able to keep your premiums lower by helping your teen avoid risky behavior behind the wheel, and that means getting him or her into the best driver’s education program possible.

2. Embrace your state’s graduated driver licensing program

Father instructing his son on driving© Shutterstock Father instructing his son on driving

Since the 1990s, states have enacted graduated driver licensing programs that gradually ease teens into independent driving. Typically, the programs require 30-50 hours of supervised drive time before a restricted license is issued.

The IIHS says graduated licensing programs are associated with fewer teen fatalities and fewer insurance claims. But the programs can work only if you enforce them at home. Don’t fudge numbers on the drive-time log, and don’t turn a blind eye when your teen blatantly violates the restrictions on his or her license.

Sure, it can be a pain to spend 50 white-knuckled hours in the car with your teen while he or she is learning. But hopefully your reward will be lower insurance premiums and a child who makes it to adulthood.

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Here’s 10 ways to get a discount when you add a teen to your car insurance policy. Save money and keep your teenager safe. That means if your teen starts driving as soon as they’re legal and keeps a clean record, you could see those rates continuously drop over the coming years.

3. Avoid letting your teens have their own cars

shutterstock_544595011© digitalskillet / Shutterstock.com shutterstock_544595011

It can be tempting to buy teens their own vehicles. That way, they won’t be constantly borrowing yours and potentially making a mess of it.

However, there are good reasons to resist the temptation:

  • Having a teen drive your car would make him or her a secondary driver rather than a primary one, a designation that can keep your premiums lower.
  • Having a teen share the family vehicle may limit his or her driving time, which could be a good thing for young drivers who are prone to getting in accidents.
  • Buying another car means you’ll be paying insurance on another car. Need I say more?

4. Or make sure theirs will be cheap(er) to insure

Pretty teen girl leaning on her new car and holding car keys.© Shutterstock Pretty teen girl leaning on her new car and holding car keys.

But maybe you’re in a situation in which you really need your teen to have a separate vehicle. For example, perhaps your household only has one vehicle currently.

In that case, be smart about the type of car you get your teen. Some vehicles are safer and, in turn, cheaper to insure. The IIHS has recommendations as to what it considers the best cars for teens.

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10 Ways to Save When Your Teen Starts Driving . Articles to help you save money and build wealth, delivered daily. Sign up now and receive a free PDF with 205 ways to save !

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5. Don’t make your teens get their own policies

Happy Asian girl teen driver showing new car keys. Young woman smiling driving new car holding key.© Shutterstock Happy Asian girl teen driver showing new car keys. Young woman smiling driving new car holding key.

Assuming you will be paying the premiums, it is almost always the better deal to add your teen to your policy rather than to purchase a separate one.

The insurance company takes into account the driving record of each person listed on a policy. Your good driving should partially offset your teen’s potentially risky driving. Plus, your account might come with discounts not available on a teen’s policy.

6. Look for teen driver discounts

Father Teaching Teenage Son To Drive© Shutterstock Father Teaching Teenage Son To Drive

When you add your teen, ask the insurance company about discounts for new drivers. Students with good grades might be eligible for discounts. Those who take an approved safety course might also be eligible. If your teen goes away for school and doesn’t take the car, you might be able to get a discount for that, too.

7. Let the insurance company spy on your teen

Young caucasian girl looking back.© Shutterstock Young caucasian girl looking back.

Usage-based insurance is one of the latest fads in the world of automobile insurance. If you’re not familiar with the term, you might at least be familiar with the concept.

Auto insurance companies send you a device that you plug into a port under the dashboard. It records how fast you drive, how fast you accelerate and how fast you brake, among other things. Then, if the auto insurance gods say you’ve been a good driver, you’re rewarded with a discount on your premium.

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Practical Ways to Save Money.

Breaking News! Teen Records Video of Her Alleged Killer. Everyone Is Loving This Unicorn Blanket. 10 Ways to Save Money on Gas. Want to save up to 20% or more on the cost of gas? Drive More Smoothly. Avoiding jack-rabbit starts and stops, and herky-jerky driving will improve fuel economy.

These discounts are available to all drivers, but parents might find they are useful for monitoring their teens. Some companies issue reports grading driving skills, and some teens might be inclined to lay off their lead foot if they know someone, somewhere is watching.

If you like the idea of monitoring your teen but aren’t thrilled with the idea of letting an insurer inside your dashboard, you could also try spying yourself.

8. Consider a higher deductible or lower coverage

An insurance adjuster reviews the details of a car accident with the teen driver.© E+/Getty Images An insurance adjuster reviews the details of a car accident with the teen driver.

One surefire way to reduce your premiums is to raise your deductible. Just make sure you have enough in the bank to cover it if needed. Similarly, you could see how much it saves to drop collision or comprehensive coverage.

However, do the math before making any rash decisions. Unless you can afford a new car, dropping comprehensive coverage can mean you’ll be without a set of wheels if your vehicle gets totaled.

9. Shop around for better rates

Teenage Boy Learning How To Drive© Shutterstock Teenage Boy Learning How To Drive

Before you automatically add your teen to your existing policy, shop around for better rates. Underwriting policies vary by company, and some may have better pricing for young drivers. In addition, teen discount programs can differ among insurers.

10. Consolidate all your coverage with one insurer

young happy woman in car with sunlight© iStockphoto/Getty Images young happy woman in car with sunlight

Finally, when you find the right car insurance company, consider moving all your policies to that provider. Virtually all insurance companies offer multipolicy discounts, and the more you insure, the greater your discount might be.

Self-Driving Cars Could Steal 300,000 American Jobs a Year .
Fully-autonomous cars may still be on horizon, but that far-off land isn't as distant as a lot of people think. And as we draw closer, many are wondering just what impact that promised future will have on the millions of professional driving jobs in this country. According to a new report by Goldman Sachs, the answer is pretty devastating: Self-driving cars and trucks could drain 25,000 jobs per month-or 300,000 a year-from America's bus, taxi, and truck industries when they finally hit the market. In 2014, there were approximately 4 million people driving professionally in the United States, 3.1 million of which were part of the trucking industry. That majority, coupled with the fact that companies like Uber and Tesla are already working to develop self-driving freight transport technology, means that truck drivers could bear the brunt of the predicted job losses. Additionally, the long distances and demanding nature of the work also make trucking a prime target for automation. The report takes into account the fact that the introduction of self-driving technology across the board will be slowed down by red tape, but it predicts that autonomous cars will comprise up to 20 percent of new car sales by the end of the next decade. And despite the fact that those 4 million driving jobs represent 2 percent of the entire American workforce, Goldman Sachs believes the overall labor market will be able to absorb the losses as other sectors expand. Still, this isn't the greatest news for those who make a living behind the wheel. Or, for that matter, in the conductor's seat; billionaire Warren Buffet recently warned that the widespread introduction of autonomous trucks could also eat away at railroad jobs. This article was originally published on TheDrive.

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