I don’t have teen drivers yet. My kids are still six and four years old.
But even as an insurance agent, I’m not looking forward to paying the auto insurance premiums that I know come with having teen drivers in the house.
That being said, at Rogue Risk, we have worked hard with our carrier partners to find the discounts that you can use on your auto insurance to help reduce those premiums.
They’re never going to be as low as when those kids are out of the house, but while they’re there and they’re on your family auto insurance policy, there are ways to reduce auto insurance premiums as much as possible.
Today we’re going to talk about five of the major ways that things you can do right now to save on your auto insurance premiums with teen drivers in the house.
Hi, my name is Ryan Hanley.
I’m the founder of rogue risk where we do insurance a little differently.
What I mean by that is we’re active in making sure that we know exactly what our carriers can provide and we’re very particular in the carriers that we work with so that we’re providing both the best coverage and the best pricing opportunities for you.
We don’t shop out to 30 different carriers because that’s not what’s best for you.
What’s best for you and your family is making sure that you have good coverage in the event that something bad happens, and that you’re working with carriers like the ones that I’m going to talk about today that have discount programs specifically designed for your particular needs.
1) Apply Teen Driver to Safest and Cheapest Car
Method number one, make sure that on your auto insurance, your teen driver or drivers are assigned to the cheapest to fix or replace and safest car possible out of the cars that you have in your family.
If your teens are accidentally assigned or just purposefully assigned to a car that’s very expensive to fix, then that the cost of the premiums of the, of that particular vehicle on your policy are going to be amplified.
If your teen driver isn’t actually driving that car or if you can switch cars with them so that they’re driving a car which is inexpensive to fix, but obviously also very safe and has a lot of safety features.
Hopefully modern safety features, you can make sure that the impact on that particular vehicle’s premiums is limited.
2) Adjust the Deductible on Teen Driver’s Car
Method number two is to check the specific deductibles on the vehicle that your teen is driving.
If you have comp and collision coverage, otherwise known as full coverage it will have a deductible (the amount that you pay before the insurance company starts to payout).
You can lower and increase these deductibles based on the carrier that you have.
They’ll have different requirements, how high or how low you can go. When you lower a deductible, your premiums go up. When you increase the deductible your premiums go down.
If you can increase the deductible, a $1,000 would probably be where you want to start. Maybe you want to go up to $1,500 or even a $2,000 deductible or higher for your teen driver’s vehicle.
Increasing the teen driver’s deductible can help reduce the monthly cost associated with that particular vehicle on your auto insurance.
Now again, you need the cash on hand to be able to cover a loss up to that deductible. So you want to be smart about this. You are going to have to pay that in the event that there’s a claim.
3) Take Driver Education and/or Defensive Driving
The third way to reduce your premiums is taking a driver’s education class. These are pretty standard. Everyone’s pretty familiar with driver’s education classes but you want to make sure that your teen driver is taking some sort of class.
Once that driver education is completed, getting those certificates to your insurance provider.
Hopefully in the future, if you’re watching this video, it will be Rogue Risk.
You can send the completion certificate to us and then we can make sure that that discount is applied to your auto insurance policy.
4) Enroll in TeenSafe Program
The fourth way to reduce your auto insurance premiums with teen drivers in the house is actually where we start to get into the programs that Rogue Risk has specific and unique access to.
The first program is called TeenSafe.
TeenSafe is a three-part program, specifically designed for teen drivers
- Carrier-specific education.
- Mobile app for parents that allows you to track your teen’s driving performance.
- Special deductible program for teen driver’s vehicle to help reduce your premiums.
You can get access to the TeenSafe program us here at Rogue Risk.
Not every agent is going to have this program and we specifically sought this program out as a way to help families in our community reduce their premiums when they have teen drivers.
5) Access ParentChoice Program
The fifth and final way to save on your auto insurance with teen drivers in the house is a program called ParentChoice.
This is another program that Rogue Risk has specific access to.
ParentChoice allows you to designate certain vehicles as “Rarely used” by teen drivers.
This allows the insurance company to underwrite the policy so that when you, the experienced driver is using the car, it has a lower deductible than when that teen drivers using the car. The variability in deductible on that vehicle allows you to save on your auto insurance premiums.
Just because you have teen drivers in the house doesn’t mean you should be overpaying for your auto insurance.
Rogue would love to help you solve that problem.
If your current insurance professional has never addressed programs such as these with you before, then I’d encourage you to reach out to us today.
I look forward to introducing you to a new way of viewing your personal insurance program.