AUTO INSURANCE COST:

Auto Insurance Cost, Choose the Right Car; It’s simply a matter of economics. Some cars cost more to repair and replace than others. There are also some cars that are more likely to be stolen and others that protect passengers better in a crash. Combined, these three characteristics have a lot to do with how much you’ll pay for the collision and theft portions of your policy.

There are several ways to choose the least expensive car to drive. First, Your insurance broker or company can also help you find the best rate for the cars you’re considering,  If you’re considering several vehicles, call and ask for a price quote on each.

Midsize family cars are the cheapest to insure.  You want a car that’s easy to drive and highly protective. Those are the cars that are going to keep your teen safe and cost the least to insure.

You may also want to consider a car that doesn’t need collision insurance, which will cut your rates considerably and either way, the age of your car may lead to more discounts.

“Some companies offer a utility discount for cars older than a 2002 model year,  make sure any older car you purchase has a solid crash rating and all of the safety features that a newer car might have including airbags, an antilock braking system (ABS), daytime running lights and (for SUVs) electronic stability control.

Adjust Driver Assignments
When you call the insurance company to add your child to a policy, the representative will ask you to designate which car will be driven by each member of your family most often.

You can save money by choosing and having your child drive the vehicle that’s the least expensive to insure.  Driver assignment can affect your rates.

If you get someone on the phone who is willing to work with you, he or she can take you through all the different scenarios. Rates for four people and four different cars: two parents and two kids. If paired correctly,  could often save money.

Finally, all full-time high school and college students who get good grades may benefit. Most companies offer discounts for good report cards. You may also see rates drop as your child advances in school. Seniors in college have better rates than freshman, so if your child takes college credits over the summer or in high school, let your insurance company know when he or she reaches the next college milestone.

Wait an Extra Year Before Licensing.
Some teens may not like this idea, but you can save a lot of money simply by having your son or daughter wait an extra year to get a driving permit.

“Wait until they are as old as possible before they get their permit.  For instance, in some states, you can get your learner’s permit as early as 16, but you’re probably not going to be driving [without restrictions] until you’re 18. Why pay for insurance those two years unless you have to?”

Delaying the process is more common than you may think, according to several recent studies. The AAA Foundation for Traffic Safety reports that just 44 percent of teens get their licenses within 12 months of the minimum age and only 54 percent get their licenses before they turn 18.
Tracking for Discounts and Better Driving Habits.
In recent years new devices that connect to a car’s computer and use GPS technology to track driving habits and routes have flooded the market. While they can be very useful for parents who want to make sure that their teen isn’t speeding or driving outside an approved area, they’re also being used by insurance companies to help set rates for drivers of all ages in an approach called use-based insurance.
Some companies are offering the device for parental tracking but without an instant insurance discount. Its use could result in lower rates going forward.  Parents getting the monitoring can get text messages if their teens are doing things like hard braking. It enables the parent and the teen to have a conversation around safe driving habits. The first few years are so critical. The devices help build better driving behaviours.”

Take a Class.
Adults and teens alike can save money by taking a six-hour driving safety course either online or in person. Some insurance companies are offering teen-specific courses that can help reduce the number of crashes that involve teens by providing realistic driving simulations.

Finally, driver-training classes can also contribute to lower your premiums by up to 10 percent, depending on your insurer.

Make Smart Choices.
Even if they apply every discount imaginable, most people will find there’s no getting around the fact that rates will go up with a teen driver on the policy, at least for a little while. And while it might be tempting to simply forget to inform your insurance company that your child has a license, take note: Doing so can have serious consequences if your child is in an accident.

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