Madison, WI is a great place to raise a family. It’s a smaller city with a big city feel. The lakes offer plenty of diversion, great school systems ensure a quality education and the University of Wisconsin means your children can stay close to home and still attend an excellent college. Unfortunately, car insurance for young drivers is no cheaper in Wisconsin than the rest of the country. Finding a cheap, quality policy for a teen driver is almost impossible these days. Higher premiums will be a fact of life but there are a few ways to minimize the damage to your bank account.
Good Student Discount – If your teenager is a good student they should qualify for a good student discount. Most insurance companies will require a B+ average at a minimum. Requirements do vary so check with your local agent. You will need to provide proof, a copy of the report card or a note from the school principal will normally suffice.
Have a Girl – While there is nothing you can do to qualify for this discount, if you have a girl driver the premiums will be lower. While it may seem unfair, insurance companies have reams of data to back it up. Statistically young male drivers are more likely to get in an accident or receive a speeding ticket than females. While there will be a difference in pricing, the savings will not be huge.
Drive an Older Car – Its best to put your teen driver in the oldest vehicle you own. It may be cheaper to actually buy them their own car as long as it is old. It is cheaper to insure an older vehicle no matter who is driving and this applies to teen drivers as well. Your rates will skyrocket if your teenager climbs behind the wheel of your brand new sports car.
Clean Driving Records – One of the most important things you and your teenage driver can do is to keep your driving records clean. If your record has been clean for a number of years you should be offered a lower rate for your teen driver. Your premiums will immediately skyrocket if your young driver gets a speeding ticket or is involved in an accident so make sure they understand that they must always drive carefully.
Vehicles – It is best to have your teen drivers stay on your policy and drive your vehicles. If they insist on buying their own car and insuring it under their name they will pay a huge premium. If they choose to get their own insurance, it is important that you monitor their coverage. They must always have liability coverage, if they would be involved in an accident you could be held responsible for all damages.
Requesting Quotes – Shopping around is the best way to find the best rate for your new driver. Call your local auto insurance agents in Madison or visit your carriers website. Ask for all the discounts that you are entitled to receive. A good student discount will help keep your premiums within reason. Having your son or daughter attend a defensive driving course can be another great way to save money on your policy.
Finding a reasonably priced policy for your teen driver can be time consuming and frustrating but if you follow these tips you should be able to find a policy that doesn’t break the bank.