Freshly minted teen drivers are in grave danger whenever they are on the road. Their dismal safety records are a great concern for each parent as teens are largely responsible for some of the grisly accidents on the road. Such developments make it very expensive to insure a teen driver.
Luckily, there are some credible ways to keep your child safe on the road without burning a hole in your wallet. Here’s some advice from Chicago, auto insurance companies, to help you keep the costs down when insuring a teen driver.
1. Learn a bit of calculus.
Or at least ensure that your kids are quite proficient in math and other subjects at school. See, you might not know it, but your kid’s performance in school is key to lowering your insurance premiums.
Until they are 25 and enrolled in a learning institution, they are eligible for a good student discount. The discounts vary between insurance companies with 20 percent being the average, but it can be as high as 35 percent.
Making the honor roll or dean’s list, having a combined grade of B or higher entitles them to the discount. Taking one of the six standardized tests and ranking in the upper 20 percent qualifies for the discount too.
2. Harness the power of technology.
Recognizing that teenage drivers are at higher risk of getting into an accident, insurers provide electronic devices that help you keep an eye on them.
Installed on the dashboard, such a device monitors your child when they are behind the wheel. It gathers the miles covered, the speed, the hours, times on the road, and frequency of hard braking.
If a driver meets a certain threshold set by the insurer, the driver can be entitled to discounts of up to 30 percent on premiums. Such an option is an incredible way to save money on insurance while keeping your child safe behind the wheel.
Having your teenager kids behind the wheel is a constant source of stress for every parent. With a little of effort, you can ensure that your kid is safe and while lowering your insurance premiums.