Hallo…
my husband and I are having a tough time with our insurance. We’ve got a blended family with 5 teens. Right now, two of them are driving our cars: our 17-year-old is using a 2006 Miata with just liability coverage, and our 20-year-old is driving a 2014 Hyundai with full coverage.
Here’s the background: the 20-year-old had an accident a couple of years ago, which jacked up his insurance rate by $80 a month. We also added umbrella coverage after that. Last fall, we had major hail damage to our house and cars. We couldn’t fix the Miata because it only has liability coverage, so it’s staying dented for now.
Our insurance premiums have been going up steadily, which makes sense given the claims, but they’re getting really high. I sold my newer car recently and now drive an older Jeep (liability only) that we tow behind our RV. Even though we haven’t made any claims on the Miata, its liability coverage has shot up from $46 a month before our teen turned 16 to $154 a month now. We live in Missouri, and we need to find a way to cut down on our insurance costs.Can we put the cars in the teens’ names and have them get their own insurance? Right now, we have everything bundled: home, RV, 3 cars (2 with liability only), and an umbrella policy. Plus, we’ve got a 13-year-old who will be driving in 3 years. Any tips on how to lower our premiums but still keep good coverage?"IN ANTICIPATION…
Howdy peolple,Insure your teens with a safe, low-value car. Avoid insuring them with the most expensive car in your household
If you can afford it, increasing your deductibles can lower your premiums
Encourage safe driving habits and consider using telematics devices that monitor driving behavior. Some insurers offer discounts for safe driving
Have open conversations with your teens about the financial and safety responsibilities of driving
It’s generally cheaper to add your teenagers to your existing family policy rather than getting separate policies for each of them
Compare quotes from different insurance companies to find the best rates. Online comparison tools can be very helpful in this process
Many insurance companies offer discounts for good grades, completing driver’s education courses, or even for having multiple policies with the same insurer