Experience is the best teacher, whether it’s yours or ours. So if you’re new to the world of teen driving, lean on this accumulated knowledge. Here’s a question you’ve likely pondered:
Now that my teenager is driving, do I have to list them on my auto insurance policy, or should I take out a separate policy just for them?
If they will be driving a family car, then yes, definitely list them on the vehicle owner’s policy. This could raise some justified hesitation, seeing as another driver’s liability has to be accounted for. And truth be told, as an inexperienced driver a teenager poses a greater risk on several levels. In 2013 alone, “963,000 drivers aged 16 to 19 were involved in police-reported motor vehicle crashes...resulting in 383,000 injuries and 2,865 deaths.” While much can be done to counteract the trend, the truth—and risk—remain.
What though if your teen is of the industrious bent, and has already saved up for and purchased their own vehicle? Kudos to them! Perhaps you'd prefer them to cover the cost of their own insurance, too. On the other hand, an accident-prone teen driver may tip the risk (and cost) scales too far for comfort; some families could decide to look into separate policies. It’s a basic fact that premiums will rise when adding a young driver to an existing policy, but costs could soar if parents decide that a teen needs an individual plan. Here’s where it’s tempting to cut corners on protection in order to save on cost.
Whatever your thoughts, the responsibility falls on you until your child is of contract-signing age. In the end, your family’s collective circumstances will determine the best course. Obviously this will take time, thought, and an honest chat with everyone involved, including your family agent.
So before the daily hustle-bustle takes over, use today to get on the road to protection!