August is a big month for households across Florida, as school is set to start and students are back to hitting the books. For a number of parents, this month – and the entire year – marks a major milestone. Their child will be the newest driver in the family, joining more than 450,000 teen drivers ages 15 to 19 who are currently on our state’s roads.
With many moms and dads making up Boyd Insurance & Investments, we know the responsibility that comes with being the parent of a first-time driver, which includes finding the right auto insurance policy that protects them and your family. Remember these resourceful tips on your search for affordable, comprehensive coverage and know members our personal lines team, like Deb Merrick and Bixby Hartley, can assist you in crafting a plan that gives you peace of mind when your student takes to the road.
Know When Your Teen Needs Coverage
Do you know when you’ll need to have a policy in place for your child? Under Florida law, teen drivers need the minimum insurance required for operating a vehicle as soon as they receive a learner’s permit, which they’re eligible to earn at age 15. Research, done well in advance, is one of the most effective ways to get a ballpark estimate for the cost of auto insurance coverage.
Armed with information, you can make a smart, responsible decision on what’s best for your teen – and reduce the sticker shock you may have felt if you weren’t already prepared. A good starting point is to contact your trusted advisor, like ours at Boyd Insurance & Investments, to get an estimate and explore the available options for keeping your new driver safe.
Ask About Adding Your Teen to Your Policy
When your teen driver is about to obtain their learner’s permit, you have one of two choices: invest in separate auto insurance coverage, just for your child, or include them in your existing policy. Generally, adding him or her to your policy may be the less-expensive route, compared to buying brand-new coverage.
With either decision, know this is the most expensive demographic of drivers to insure. Teens are known nationwide to be involved in the most accidents, are more likely to engage in reckless behaviors, like distracted driving, and have unproven records in the eyes of insurance companies.
Find Ways to Reduce Coverage Costs
Believe it or not, there are rebates on auto insurance, especially if your teen consistently performs well in the classroom and has safe driving habits. Among the many popular ways to save is the Good Student Discount, which rewards young drivers with lower insurance costs based on achievements like being named to the honor roll, spectacular SAT or ACT test scores and more. Insurance carriers, in general, may view a teen with great grades as less likely to be involved in a car accident because they’re a safer driver or more risk averse.
Ways to cut costs don’t stop at good grades throughout the school year. Opting for a higher deductible can lower your premium but increase what you pay out of pocket in the aftermath of an accident. Even the car you purchase for your teen, which we covered in our blog post from last August, plays a major role in what you’ll pay to protect your family’s newest driver. Just remember – in this new phase of parenthood, we’re here to help you feel worry-free.
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