Budget Concerns: How Much Insurance is Enough?

Budget Concerns: How Much Insurance is Enough?

Save On Insurance Premiums For Your Teen

Dustin Duncan

Having a teenager can be scary, especially during those years when they start driving cars. It is hard to let them start to drive on their own. You never know what accidents may happen or what damage they may cause to themselves or others. Even though this can be a hard time, it is important as parents to let go and give these children a chance to show just how responsible they can be. It is extremely important to have good insurance for your teenager during this time so that, no matter what may happen, they are protected. Insurance for a teenager can be expensive, but there are ways to make sure that you pay less.

1. Safe Cars. One of the best ways to save on car insurance premiums for your teenager is to look for a safe car for them to drive. A car that has good safety ratings will be able to better protect your child. This demonstrates to an insurance company that, even if an accident does happen, the teenager will be better protected and will not be as likely to be injured. This prevents the insurance company from having to pay more in an expensive claim, which means they can reduce the insurance premium.

2. Good Student Discounts. Many insurance companies will want something that demonstrates how responsible the teenage driver is. One of the ways that this can be demonstrated is by how good of a student the teenager is. When a teenager gets good grades and is a good student, car insurance companies will often give a discount. This is because students who get a higher grades in school are less likely to get into car accidents and are lower risks.

3. Increase Deductible. Another way to save on insurance premiums for your teen is to raise the deductibles. If an accident does occur, you will have to pay more out of pocket, but this will dramatically reduce the monthly insurance premium payments. This is a risk, but it may be worth taking so that premiums can be lower and more affordable.

Having a teenage driver is never easy and can get expensive. By having a responsible teenager and having a good and safe car to drive, you can ensure that you are getting the best deals on car insurance that are available. For more information, contact a company like House-Chilson & Associates.


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About Me
Budget Concerns: How Much Insurance is Enough?

Insurance is something that I carry in the hopes that it never has to be used. Along with life coverage, I also have low cost auto insurance and a health plan through my employer. I'm toying with the idea of adding some additional coverage, just in case something happens and I'm no longer around to take care of my family. The question that is on my mind is how much insurance is enough? Do I really need more, or would it be better to cultivate other assets that my loved ones can draw on if needed? If you are in the same boat, let's journey together for a while. Read on and I'll explain what I'm trying and why. Together, we can figure out when it is time to add more coverage and when enough really is enough.