When you have the resources to give your child a new car or can pass on a dependable family shuttle, by all means, do it. Ray Martin of CBS’ MoneyWatch, however, poses a question that you must be well-prepared to answer: “Does the thought of your child behind the wheel of a car scare you?”
Parents of driving-age teens in Brandon, Florida may think the government has got them covered. The Sunshine State sets very stringent requirements on young drivers through the Graduated Driver Licensing (GDL) system, which includes a written consent by parents or legal guardians, and the completion of courses on traffic law, defensive driving, and substance abuse. Still, transport and insurance professionals recommend that you insure your child who has just started learning how to drive, even if it may cost a bit.
For Brandon residents, cost might not be that much of a problem if you consult a homegrown Brandon insurance agency such as Romero Insurance and Financial Services for your needs. Below are three ways you can lessen insurance expenses for your new-driver child:
“Additional driver” registration
The article notes that you can take advantage of any discounts in your existing auto insurance policy if you enroll your child as an “additional driver.” This helps keep the cost down, especially if your child is listed on the GDL, which applies to teenagers between 15 and 17 years old. When they hit 18 years old, however, you need to help them apply for their own policy.
If your child will soon be off to college, right after graduating from high school, this is another opportunity to cut on insurance costs, but you have to plan ahead with your insurance company. If your child will start college in another state and will not be driving to and from home, the coverage may be activated only while they’re at home. So, you may save on premiums while they’re in school.
Specific vehicle data would be required when you enlist for insurance because there are vehicles that are prone to theft, heavy crash damage, or other circumstances. According to Martin, some insurers may approve lower payments if the new or preowned car you bought for your child comes with multiple safety features.
Taking out auto insurance in Brandon for your child will be worth the investment. Florida has one of the toughest auto insurance regulations in the country. The state, for example, prescribes paying no less than $10,000 each for a no-fault or personal injury protection policy and a property damage liability insurance policy. These policies, however, serve to protect your child in case accidents happen while he’s just learning the ropes of driving.
(Source: How to save on your teen's auto insurance, CBS Moneywatch)